RE accounted for 71% of India’s Power Generation Capacity Addition in FY24

Renewable energy (RE) sources contributed to 71 per cent of the ~26GW of power generation capacity that India added in FY 2023-2024, according to the latest edition of the CEEW Centre for Energy Finance (CEEW-CEF) Market Handbook. The country’s total installed energy capacity has now reached 442 GW, of which ~144 GW (33 per cent) was RE, and ~47 GW (11 per cent) came from hydro. Consequently, the coal/lignite share in India’s total installed capacity tipped below the 50 per cent mark for the first time.

The CEEW-CEF Market Handbook also found that solar — grid-scale and rooftop — continued to dominate India’s RE capacity addition, accounting for ~15 GW (or 81 per cent of RE addition) in FY24. Wind capacity addition almost doubled and stood at 3.3 GW (vs 2.3 GW in FY23). Notably, for the first time since FY17, nuclear capacity (1.4 GW) was added in FY24.

In line with India’s ambitious renewable energy goals, RE auctions reached a record with ~41 GW of auctioned capacity in FY24, the report found. Further, in this financial year, eight auctions with energy storage components were concluded, indicating a growing shift towards innovative power procurement formats.