Breaking Records: India’s Remarkable Leap with 18 GW Renewable Energy in FY24

The fiscal year 2023-24 has been great for renewable energy in India. With monumental milestones in renewable energy, India marked a significant leap forward in its sustainable development journey. 

The Ministry of New & Renewable Energy’s latest data reveals a historic achievement: the addition of a record-breaking 18.48 GW of renewable energy capacity. 

india: India on path to triple renewable energy capacity by 2030 but faces  financing hurdle: Report - The Economic Times

This remarkable feat underscores the unwavering commitment of all stakeholders, including renewable energy transition partners, to green energy and sets a formidable precedent for the global renewable energy landscape.

Setting the Stage: Vision and Targets

Union Power and Renewable Energy Minister RK Singh’s recent interview with PTI sheds light on India’s ambitious renewable energy targets.

With an installed capacity of 190 GW, 103 GW under construction, and 72 GW under bids, India is poised to surpass its target of 500 GW by 2030, which is well ahead of schedule. Singh’s optimism reflects the nation’s determination to embrace renewable energy as a cornerstone of its energy transition strategy.

Driving Ambition: Accelerating Project Bidding

To expedite the renewable energy transition, the Ministry of New & Renewable Energy (MNRE) has set ambitious targets for project bidding. 

With a goal of bidding around 50 GW of renewable energy projects annually to independent power producers in India and other players, India aims to diversify its energy portfolio and solidify its position as a global leader in sustainable energy solutions.

  • Solar Soars: Leading the Charge

Solar energy emerges as the frontrunner in India’s renewable energy landscape, accounting for most capacity additions in FY24. 

With an impressive 12.78 GW of solar installations, India reaffirms its commitment to harnessing solar power as a key driver of its energy transition.

  • Winds of Change: Embracing Wind Energy

In tandem with solar energy, wind energy contributes significantly to India’s renewable energy portfolio. Adding 2.27 GW in FY24, wind energy plays a pivotal role in diversifying India’s renewable energy mix and enhancing energy security.

Diverse Portfolio: Beyond Solar and Wind

India’s renewable energy spectrum encompasses various sources, each contributing to its energy transition journey.

With a cumulative solar installed capacity of 81.81 GW and approximately 46 GW of wind energy, India’s renewable energy landscape is bolstered by contributions from top renewable energy transition partners like AMPIN Energy Transition. 

Regional Resilience: Geographical Distribution

India’s renewable energy capacity is geographically distributed across states, reflecting a decentralised approach to energy development. 

Leading the charge, Gujarat and Rajasthan boast the largest capacities, followed closely by Tamil Nadu, Karnataka, and Maharashtra, each contributing significantly to India’s renewable energy transition.

Impact and Implications: Beyond Numbers

India’s unprecedented leap in renewable energy capacity transcends numerical milestones, embodying a profound commitment to sustainability, innovation, and economic growth. 

By embracing renewable energy technologies, India is not only mitigating climate change but also fostering energy security, driving economic development, and creating employment opportunities nationwide.

Empowering Change with AMPIN Energy Transition

India’s record-breaking achievements in renewable energy in FY24 signifies the nation’s unwavering commitment to sustainability and innovation.

As India continues its journey towards a greener tomorrow, independent power producers in India, like AMPIN Energy Transition, play a pivotal role in accelerating this transition.

It is leading India’s renewable energy revolution, offering a comprehensive platform for stakeholders to collaborate, innovate, and drive meaningful change.

With a shared vision of a sustainable future, it empowers businesses, policymakers, and communities to embrace renewable energy solutions and unlock the full potential of India’s renewable energy sector.

By aligning with AMPIN Energy Transition, businesses in India can amplify their renewable energy ambitions, harnessing the collective expertise and resources needed to surpass its targets and lead the global clean energy transition.

If you are thinking about making a transition to green energy, get in touch with AMPIN Energy Transition to get a customised solution ready for you.

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