India, which has an installed renewable power generation capacity of a little over 150GW, aims to reach 175GW in 2022.
After a cloudy year this year, the country’s renewable energy sector is expected to boom with potential investments of more than $15 billion in 2022 as the government builds electric vehicles, green hydrogen, solar equipment as well as an ambitious 175GW of renewable capacity. focusing on achieving. Target
India, which has an installed renewable power generation capacity of a little over 150GW, aims to reach 175GW in 2022. Of the total mix, 100GW will be from solar, 60GW from wind, 10GW from bio-power and 5GW from small hydroelectric projects. ,
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“In 2022, we expect investment in renewable energy to cross at least $15 billion,” said RK Singh, Union Minister for Energy and New and Renewable Energy. PTI,
According to a Bloomberg New Energy Finance (BNEF) report, new investments in the clean energy sector in the country stood at $6.2 billion in 2020, $9.3 billion in 2019 and $10.8 billion in 2018. These figures were cited by the minister in a written reply. in Rajya Sabha last month.
The second wave of COVID-19 that began in April had affected the implementation of various renewable energy projects as states imposed restrictions to contain the spread of the infection.
According to the REN21 Renewables 2020 Global Status Report, during the period 2014-2019, renewable energy programs and projects in India attracted an investment of $64.4 billion.
Still, in 2021, new opportunities emerged. Indian companies have begun exploring overseas markets to raise funds, and in August, Renew Power became the first Indian renewable energy company to be listed on Nasdaq.
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Data from the Department for Promotion of Industry and Industrial Trade (DPIIT) showed that the Indian ‘non-conventional energy’ sector received around $7.27 billion as FDI from 2014-15 to June 2021. Of the total amount, $797.21 million came in 2020-21 to the tune of FDI.
On the country’s march towards achieving 175GW of renewable energy capacity in 2022, the minister said, “We will achieve the 175GW of renewable energy capacity target which was set by us (excluding large hydro).” In November, Mr Singh said, the country achieved 150GW of installed capacity of renewable energy, including large hydroelectric projects. He said 63GW of renewable energy capacity is being set up, which is expected to be completed next year.
In COP 21, as part of its Nationally Determined Contribution (NDC), India is committed to achieving 40% of its installed electricity capacity from non-fossil energy sources by 2030. India has achieved this target only in November 2021.
As on 30 November, the country’s installed renewable energy capacity was 150.54GW, which included solar (48.55GW), wind (40.03GW), small hydro power (4.83GW), bio-power (10.62GW) and large hydro (46.51GW). Huh. ) Nuclear power based installed power capacity is 6.78GW.
Overall, the non-fossil based installed power capacity is 157.32GW, which is 40.1% of the total installed power capacity of 392.01GW.
India aims to have 500GW of installed renewable energy (RE) capacity by 2030.
Talking about promoting investment in the RE space, Mr Singh said, “We have also opened doors for setting up RE and selling it through open access. Now, anyone can set up RE capacity and sell it wherever he wants. In 2021, the government launched the Generation Linked Incentive (PLI) scheme ‘National Program on High Efficiency Solar PV Modules’ with an outlay of Rs 4,500 crore to support and promote manufacturing of high-efficiency solar photo voltaic (PV) modules. start up.
These include upstage vertical components such as cells, wafers, ingots and polysilicon. This initiative is expected to reduce import dependence in the solar PV sector.
In pursuance of the decision, a tender was floated inviting tenders for manufacturing of high efficiency solar PV modules. 18 bids were received and this could help in adding about 55GW of solar PV module manufacturing capacity to the current capacity of around 11GW.
IREDA has issued award letters to three successful bidders for setting up 8,737 MW of fully integrated solar PV manufacturing units. The government plans to increase the allocation for the PLI scheme to ₹24,000 crore.
As of 30 November, 52 solar parks with a cumulative capacity of 37.92GW have been sanctioned in 14 states. Solar power projects with a total capacity of about 9.2GW have already been commissioned in these parks.
Under Rooftop Solar Program Phase-II, a total solar capacity of 5.7GW has been installed till 30th November. Against the target of 4GW for the residential sector under Phase-II, 3.4GW has already been allocated to various states. Union Territories and 1.07GW has been installed.
About 8,434 ckm (circuit kilometer) intra-state transmission lines have been constructed and 15,268 MVA intra-state substations have been charged under Green Energy Corridor for evacuation of RE.
In his Independence Day speech this year, Prime Minister Narendra Modi announced the launch of the National Hydrogen Mission.
The goal is to make India a global hub for green hydrogen production and export. The draft National Green Hydrogen Mission document is under inter-ministerial consultation.
Under 12GW grid-connected solar PV power projects with domestic cells and modules by Central Public Sector Undertakings (CPSUs), the government has approved around 8.2GW projects till November 30.
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