India's Accelerated Journey Towards Renewable Energy Dominance
Key Ideas
  • India targets 500 GW of installed electric capacity from non-fossil sources by 2030, with a current solar PV capacity of 85.47 GW and wind power capacity of 46.65 GW.
  • Initiatives include FDI up to 100%, waiver of ISTS charges for solar, wind, and Green Hydrogen Projects, and schemes like PM-KUSUM and National Green Hydrogen Mission.
  • Measures also encompass national repowering policies, offshore wind energy projects, transmission infrastructure improvements, and consumer-friendly electricity rules.
  • The government aims to boost renewable energy consumption through RPO trajectories, RE park setups, standard bidding guidelines, and promoting uniform renewable energy tariffs.
The Ministry of New and Renewable Energy in India has been actively promoting the development of renewable energy sources such as solar and wind power. The Minister of State for New & Renewable Energy, Shri Shripad Yesso Naik, highlighted that India currently has a total installed capacity of 85.47 GW for solar photovoltaic power and 46.65 GW for wind power as of June 30, 2024. The government aims to achieve a significant milestone of 500 GW of installed electric capacity from non-fossil sources by 2030. To accelerate the adoption of renewable energy, various initiatives have been implemented. These include allowing Foreign Direct Investment (FDI) up to 100% under the automatic route, waiving Inter State Transmission System (ISTS) charges for solar, wind, and Green Hydrogen Projects, and introducing schemes like PM-KUSUM and National Green Hydrogen Mission. The government has also set up Project Development Cells to attract investments and issued standard bidding guidelines for procuring power from solar, wind, and wind-solar projects. Additionally, there are efforts to establish Ultra Mega Renewable Energy Parks, enhance transmission infrastructure, and implement consumer-friendly electricity rules such as net-metering. The government has also approved schemes like Viability Gap Funding (VGF) for offshore wind energy projects and announced a National Repowering and Life Extension Policy for Wind Power Projects. Furthermore, strategies for offshore wind energy projects, renewable energy tariff regulations, and labeling programs for solar PV modules have been launched. The government is focused on ensuring timely payments to RE generators, facilitating the sale of renewable energy power through exchanges, and regulating the grant of leases for offshore wind energy projects. In conclusion, India is making significant strides towards a renewable energy-dominant future by implementing a wide range of policies, schemes, and initiatives to boost the country's capacity in solar and wind power, ultimately contributing to a greener and more sustainable energy landscape.
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