The total green energy capacity that is already in service and in process is 166.63 GW.
India is rapidly advancing to become one of the largest producers of green energy in the world. As of October 31, 2020, India’s total installed renewable energy capacity had reached more than 89.63 GW, according to the Ministry of New and Renewable Energy. The government said that over the past six years, India has witnessed the fastest growth rate in adding renewable energy capacity among all major economies, with renewable energy capacity growing 2.5 times and solar energy expanding the most. of 13 times. Renewable energy now constitutes more than 24 percent of the country’s installed energy capacity and about 11.62 percent of electricity generation.
Furthermore, if large hydroelectric plants are included, the share of renewable energy in installed electrical capacity would be greater than 36% and greater than 26% of electrical power generation. In addition, around 49.59 GW of renewable energy capacity is being installed and an additional capacity of 27.41 GW has been tendered. This brings the total capacity already in service and in the portfolio to 166.63 GW.
The government reported that, in addition to that, large hydroelectric plants, which have also been declared as renewable energy, have around 45 GW of installed hydroelectric capacity and 13 GW of installed capacity, which increases the total portfolio of renewable energy from India from installed and pipeline projects to 221 GW. . This is significantly higher than the Modi government goal of installing 175 GW green power capacity by 2020. In early 2015, the government had committed to installing 100 GW solar power green power capacity, 60 GW of wind, 10 GW of biomass, and 5 GW of small hydroelectric plants for a healthy planet with a less carbon intensive economy.
Meanwhile, Prime Minister Narendra Modi has recently invited foreign investors saying that there are huge renewable energy deployment plans for the next decade, likely to generate business prospects in the order of around $ 20 billion a year. Inviting global investors, developers and companies to join India’s renewable energy journey, Prime Minister Modi added that India has a very liberal foreign investment policy for renewables. Foreign investors can invest on their own or they can collaborate with an Indian company. PM Modi had also announced that after PLI’s success in manufacturing electronic products, the government has decided to grant similar incentives to high-efficiency solar modules.
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