Annual renewables installations to surge 33% to 20 GW this fiscal

India is expected to add around 20 GW of new renewable energy capacity (16 GW solar and the balance wind) in FY 2024. This is 33% up from 15 GW installed in FY 2023.

August 30, 2023 Uma Gupta

An Adani Green Energy project

Image: Adani Green Energy

India will add 20 GW of new renewable energy generation capacity in the current and the next fiscal years (FY 2024 and FY 2025) each. This is 33% more than 15 GW per annum installed in the previous two fiscals, according to Crisil Ratings analysts.

Out of 20 GW RE additions in FY 2024, around 16 GW will be solar capacity.

The analysts said the fast pace of execution of renewable energy projects over current and next fiscals will be supported by a healthy executable pipeline of 50 GW of projects (86% solar and 14% wind) as of June 2023. Other driving factors include the resolution of the Great Indian Bustard (GIB) issue, deferment of the mandate to source modules from the Approved Models and Manufacturers (ALMM) list, reduced module prices, and easy access to capital (debt and equity).

The RE growth is expected to be sustained over the medium term, supported by conducive policies, strong investor interest, and healthy financial profiles, leading to the stable credit quality of companies in the Crisil Ratings portfolio in the renewable energy sector.

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