India Plans to Achieve 500 GW Renewable Energy Target by 2030
07 April 2023: Government has decided to invite bids for 50 GW of renewable energy capacity annually for next five years (From Financial Year 2023-24 till Financial Year 2027-28) connected renewable energy capacity will also include setting up of wind power capacity of at least 10 GW per annum. India currently has a total renewable energy capacity of 168.96 GW (as on 28th February 2023) with about 82 GW at various stages of implementation and about 41 GW under tendering stage. This includes 64.38 GW Solar Power, 51.79 GW Hydro Power, 42.02 GW Wind Power and 10.77 GW Bio Power.
Considering that Renewable Energy (RE) projects take around 18-24 months for commissioning, the bid plan will add 250 GW of renewable energy and ensure 500 GW of installed capacity by 2030. Ministry of Power is already working on upgrading and adding the transmission system capacity for evacuating 500 GW of electricity from non-fossil fuel.
Speaking during the meeting, R. K. Singh, Union Minister for Power & NRE said that declaration of trajectory of short-term and long-term RE capacity addition by Government is a significant step towards achieving the goal of 500 GW of non-fossil fuel capacity by 2030 and towards a faster energy transition. “India has emerged as one of the world leaders in Energy Transition and this is evident in the growth that we have achieved in the area of Renewable Energy. We are committed to achieve 500 GW of Target by 2030 and the bidding trajectory will provide a further stimulus towards this.” Singh said.
In addition to this, the Ministry has declared a quarterly plan of the bids for FY 2023-24, which comprises of bids for at least 15 GW of renewable energy capacity in each of the first and second quarters of the financial year (April-June 2023 and July-September 2023 respectively).