Economic Survey notes fastest RE growth rates in India over last 7.5 years
The renewable energy sector, excluding large hydro, represented more than 24.71% of installed power capacity while generating about 10.7% of electrical energy for 2020-21.
As of Monday, according to the Economic Survey 2021-22 tabled in Parliament, India grew its renewable energy capacity by over 2.9 times in the past 7.5 years. Solar power sector grew 18 times during the period. It noted that India’s renewable growth has been the fastest exceeding the growth of all other large economies.
As of 2020-21, renewable energy comprises over 24.71 percent of the country’s installed power capacity, excluding large hydro, and approximately 10.7 percent of the electrical energy generation, according to the survey. Excluding hydro power above 25 MW, India’s renewable energy installed capacity as of 31 October 2021 reached over 103.05 gigawatts (GW).
When large hydro is taken into account, it is estimated that the share of renewable energy in electric installed capacity is approximately 38.27 percent as of October 2021, and its share in electric energy generation is approximately 26.96 percent as of August 2021,” the survey said.
The Survey also noted that the country added 49.35 GW of solar power capacity by 31 December 2021.
As of 31 December 2021, over 77,000 standalone solar pumps, 25.25 MW solar power plants, and over 1,026 pumps have been solarised under the PM-KUSUM Scheme. With central financial support of over Rs 34,000 crore, the scheme aims to add 30.8 GW of solar capacity.
The Development of Solar Parks and Ultra Mega Solar Power Projects scheme, which aims to have 40 GW of capacity by March 2024, has sanctioned 50 solar parks in the country with a combined capacity of 33.82 GW across 14 states.
In the country, 5.87 GW of solar rooftop projects have been installed so far under the rooftop solar programme phase-II, which aims to install 40 GW by 2022. On the other hand, so far, 8.2 GW of projects have been sanctioned under the 12 GW scheme for grid-connected solar power by government entities,” it added.
While in hybrid space about 4.25 GW of wind-solar hybrid capacity has been awarded as of 31 December 2021, out of which 0.2 GW is already operational and an additional 1.2 GW is under various stages of bidding, the survey stated.
The Survey further noted that the State Nodal agencies have reported as of December 2021 that over 1.45 lakh solar street lights were installed, 9.14 lakh solar study lamps were distributed, and about 2.5 MW of solar power packs were installed under Phase-III of the Off-Grid Solar PV Applications Programme for Solar Street Lights, Solar Study Lamps, and Solar Power Packs.
Concerning climate change, the Survey noted that there is a greater focus on climate action following India’s announcement that it will become a Net Zero nation by 2070. In order for developing countries including India to act effectively on climate change, climate finance remains critical.
Connect with Power Insight: Facebook | LinkedIn | Twitter
