India's renewable energy sector has experienced a significant boost with a substantial tender issuance from April to June 2024, highlighting the country's ongoing commitment to clean energy transition.
The total tender issuance during this period reached impressive figures, reflecting diverse contributions from central and state agencies.
Breakdown of Tender Issuance (MW) in April to June 2024 is as under:
April 2024: Tender issuance soared to 5729 MW, setting a strong start for the quarter and indicating robust interest across various renewable energy segments.
May 2024: The momentum continued with a remarkable tender issuance of 13551.53 MW, showcasing accelerated efforts in expanding India's renewable energy capacity.
June 2024: Closing the quarter, the tender issuance stood at 8835.47 MW, underscoring sustained growth in the sector. The breakdown for June includes Solar: 2598 MW, Wind: 2000 MW, Solar Wind Hybrid: 500 MW, FDRE: 2400 MW, BESS: 1251 MW, Rooftop Solar: 86 MW
This diverse allocation across solar, wind, hybrid solutions, energy storage systems, and rooftop solar highlights India's multifaceted approach towards achieving its renewable energy goals. The tender issuance not only attracts significant investment but also reinforces India's position as a global leader in renewable energy adoption and innovation.
India continues to make significant strides in its renewable energy sector, marked by impressive growth in solar and hybrid projects also. This progress aligns with the ambitious targets set under the National Solar Mission, which aims to establish India as a global leader in solar energy. The latest figures reveal a robust pipeline of projects, underscoring the country's commitment to sustainable energy solutions and its strategic goal of achieving 450 GW of renewable energy capacity by 2030.
In the realm of solar projects, India has successfully commissioned a total of 84.28 GW till the end of May 2024. This capacity includes 66.07 GW from ground-mounted installations, 12.46 GW from rooftop systems, 2.57 GW from the solar components of hybrid projects, and 3.18 GW from off-grid solar setups. These figures reflect the significant progress made in harnessing solar energy across various domains, contributing to the overall energy mix and enhancing energy security.
Further bolstering its renewable energy portfolio, India has 100.40 GW of solar projects currently under implementation. Of this, 55.32 GW have received Letters of Award (LoA) and signed Power Purchase Agreements (PPA), while 45.08 GW have LoAs issued but are pending PPA finalization. Additionally, tenders have been issued for another 41.19 GW of solar projects, which are awaiting the issuance of LoAs. Collectively, the total solar capacity, encompassing commissioned projects, those under implementation, and those tendered, stands at a remarkable 225.87 GW.
Hybrid and Round-The-Clock (RTC) projects are also gaining momentum, with 30.15 GW tendered and pending LoA issuance. These hybrid projects, which combine solar and other renewable energy sources, are designed to provide a more reliable and consistent power supply, addressing intermittency issues commonly associated with renewable energy.
In the fiscal year 2024-25, India added 2.463 GW of new solar capacity, including 1.653 GW from ground-mounted systems, 0.593 GW from rooftop installations, and 0.217 GW from off-grid solar. May 2024 alone saw an increase of 1.639 GW in solar capacity, with contributions of 1.05 GW from ground-mounted systems, 0.449 GW from rooftop solar, and 0.140 GW from off-grid solar.
These milestones highlight India's accelerating pace in renewable energy deployment, reinforcing its position as a global leader in the transition towards a sustainable energy future. The country's proactive policies, substantial investments, and technological advancements in the solar sector are driving this growth, ensuring that India not only meets but potentially exceeds its renewable energy targets.
As India continues to prioritize sustainable development and energy security, these tenders are expected to stimulate economic growth, create employment opportunities, and drive technological advancements in the renewable energy sector. The proactive steps taken by central and state agencies further bolster confidence in India's ability to meet its ambitious renewable energy targets and contribute to global efforts in mitigating climate change.
With ongoing initiatives and increasing participation from stakeholders, India's renewable energy sector remains poised for substantial growth, promising a cleaner and more sustainable energy future for the nation.
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