India will likely add 30-35 GW of renewable energy capacity in the ongoing financial year, higher than last fiscal's addition of 18.4 GW, said two senior government officials.
Renewable energy sources contributed 71% to the 26 GW of power generation capacity that India added in FY24, according to the Council on Energy, Environment and Water.
Nodal agencies with auction responsibility are likely to bid out 50 GW of renewable energy capacity in the ongoing FY25, as is the decided trajectory for each of the five years starting FY24. In the last fiscal year, the agencies auctioned around 51 GW of such capacity, according to one of the officials.
India's target of reaching 500 GW renewable energy capacity by 2030 requires an addition of around 44 GW annually, as per a latest report from Moody's Ratings. To meet the target, India requires $190-215 billion of investment over seven years, it said.
Another $150-170 billion investment will be required for electricity transmission and distribution, and energy storage to cater to the incremental renewable energy capacity.
