The government is taking several initiatives to prioritise renewable energy. Nearly 151 GW of renewable projects are being implemented, and 76.42 GW will be operationalised in 3-4 years
According to Union Minister Pralhad Joshi, there are 151 GW worth of renewable energy projects being implemented across the nation at different stages of development.
The Minister of New and Renewable Energy went on to say that in the upcoming three to four years, about 76.42 GW of renewable energy capacity will be operationalised.
"The government is prioritising renewable energy through a number of initiatives. "There are currently about 151 GW of renewable projects under implementation, and in three to four years, 76.42 GW will be operationalised," he stated during a session at the 'Mercom India Renewables Summit 2024' held in the nation's capital.
The minister stated that the tendering process for projects with a combined capacity of 76.42 GW has already been finished.
According to Joshi, the capacity of renewable energy has grown by more than 2.5 times, from 76 GW in 2014 to over 195 GW as of June 2024.
The minister said that while wind power capacity grew from 21 GW to more than 46 GW, solar power capacity saw a sharp increase from only 3 GW in 2014 to more than 85 GW at this point.
"The recent bidding trajectory has been a really commendable endeavour. We will see a big spike in installations in the upcoming years if government organisations keep exceeding their goals and begin requiring auctions through PPA/PSA signing as part of the trajectory, according to Raj Prabhu, CEO of Mercom Capital Group.
According to him, as the market moves into the next phase of expansion and emerges as one of the top three solar markets globally, installations are set to soar starting this year.