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India will build a record 18.48 GW of renewable energy capacity in 2023-24, more than 21% higher than 15.27 GW a year ago, according to the latest data from the Ministry of New & Renewable Energy. Industry analysts stated that at least 50 GW of additional renewable energy capacity must be added yearly over the following six years to reach the challenging goal of 500 GW of renewable energy by 2030.
The data indicates that as of March 31, 2024, India had 143.64 GW of installed renewable energy capacity, excluding the 47 GW of major hydropower capacity (each plant is more than 25 GW or above). They pointed out that renewable energy capacity stood at around 190 GW, including large hydro projects, and therefore, India needs to add 310 GW in the next six years or at an average of 50 GW per annum.
The data showed that solar installations of 12.78GW led to the addition of 15.27 GW of renewable energy capacity in 2023-24, followed by 2.27 GW of wind energy. Among the renewable energy capacity, the total solar installed capacity tops the chart at 81.81GW, followed by about 46 GW of wind energy, 9.43 GW of biomass cogeneration and 5 GW of small hydro (up to 25 MW capacity each).
Among the states, Gujarat and Rajasthan have the largest renewable energy capacities of about 27GW each, followed by Tamil Nadu at about 22 GW, Karnataka at about 21 GW and Maharashtra at about 17 GW.
Also Read : EU's New Carbon Tariffs: A Looming Challenge for India's Steel Producers India's renewable bids hit 69GW in FY2024
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