RENEWABLE ENERGY

India’s wind energy sector set to register 50 per cent growth over next five years: Report

India, the world’s fourth-largest wind power market, is expected to add nearly 20.2 GW of new wind power capacity between 2021-2025, a growth of 50 per cent compared to the country’s current 39.2 GW installed capacity, according to a recent report.

According to the report titled ‘India Wind Energy Market Outlook 2025’, this is a clear signal that the market is beginning to bounce back after a slow-down in recent years.

“The impact of COVID-19 lockdowns on India’s wind energy market was more severe than anticipated, with only 1.1 GW installed out of the 3.3 GW originally forecasted for 2020,” said the report published by Global Wind Energy Council (GWEC) and MEC Intelligence.

It added that the pace of new installations was likely to double over the next two to three years compared to the average annual installations since 2017 when the market began to slow down. India currently has a pipeline of projects of 10.3 GW in both Central and state tenders, which are expected to drive installations until 2023.

“The market post-2023 will likely be driven by nearly 10 GW of new capacity awarded to wind projects, mainly through hybrid projects which are becoming increasingly important for the country’s ‘round-the-clock’ power initiative,” the report added.

It said that over the next five years, 90 per cent of new installed wind capacity would come from central tenders, followed by corporate procurements and state markets.

Source
ET Energy World
Show More

Related Articles

Back to top button
Close
Close