A 12 months in the past, India’s authorities introduced plans to hunt bids for 50 GW of renewable power capability every year for 5 years, from FY24 to FY28. These bids, for Inter-State Transmission (ISIS)-connected renewable power capability, additionally embody establishing at the least 10 GW of wind energy yearly.
The Union Minister of New and Renewable Vitality (MNRE), R Ok Singh, indicated that the focused bid capability for FY24 could be divided amongst 4 renewable power implementing companies (REIAs) – NTPC, NHPC, SECI, and SVJN. These companies might concern bids for photo voltaic, wind, solar-wind hybrid, RTC RE energy, and so on., with or with out storage, based mostly on their evaluation of the renewable power market or authorities directives.
- Learn:India’s renewable power sector achieves file capability addition in FY24, led by solar energy
In FY24, the designated REIAs introduced tenders for 47.5 GW (out of fifty GW) of renewable power capability, with vanilla photo voltaic and wind comprising 28% and 15%, respectively. Revolutionary procurement codecs made up 57% of the overall, in accordance with a report by the CEEW Centre for Vitality Finance (CEEW-CEF).
The REIAs met about 95% of the bidding trajectory goal for FY24, reaching roughly 74% (7.35 GW) of the ten GW goal for wind tenders. About 27 GW (46.9%) of the bids have been efficiently auctioned in the identical 12 months.
“Bids of 47.5 GW issued are roughly thrice the renewable power capability added yearly in recent times,” mentioned Gagan Sidhu, Director, CEEW-CEF.
- Learn:Renewable sources make up 71% of recent energy capability addition in FY24
In FY24, the auctioned renewable power capability reached 40.56 GW, with plain vanilla photo voltaic and wind contributing 24.36 GW (60%) and 1.25 GW (3%), respectively. About 37% (14.95 GW) of the auctioned capability got here from progressive energy procurement codecs, whereas tenders with storage parts reached 8.16 GW (20%).
On condition that it usually takes 18-24 months to fee renewable power (RE) initiatives, the proposed annual bidding technique goals so as to add 250 GW of capability, resulting in a complete put in RE capability of 500 GW by 2030.
As of March 31, 2023, India’s whole renewable power capability was 191 GW, which included 82 GW of solar energy, 52 GW of hydro energy (together with each small and huge capacities), 46 GW of wind energy, and 11 GW of biomass.
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