Why in News?
India plans to add 75 GW renewable energy capacity by FY27 with ₹3.8 lakh crore investment, focusing on hybrid projects despite transmission delays, according to Crisil Ratings.
Description:
India’s Renewable Energy Expansion: FY26–27:
- Capacity Addition Target: 75 GW in FY26 & FY27 — a 53% rise from 49 GW in FY24–25 (Crisil Ratings).
- Investment Surge: ₹3.8 lakh crore projected, up 52% from ₹2.5 lakh crore in the previous two years.
- Focus on Hybrid Projects: 37% of new capacity will be from hybrid and storage-linked projects, up from 17%.
- Total RE Capacity by March 2027: Estimated at 233 GW.
- Current RE Capacity (as of Oct 2024): 201.45 GW.
- Non-Fossil Share: Nearly 50% of installed power capacity (includes nuclear).
India’s Installed Capacity (Oct 2024):
- Total: 452.69 GW
- Renewables: 46.3%
- Solar: 90.76 GW
- Wind: 47.36 GW
- Large Hydro: 46.92 GW
- Small Hydro: 5.07 GW
- Bio-power: 11.32 GW
2030 Target:
- Goal: 500 GW non-fossil fuel capacity
- Objective: Enhance energy security, meet climate goals
Key Initiatives Renewable Energy Plans for FY27:
- Schemes:
- National Green Hydrogen Mission
- PM-KUSUM (solar for agriculture)
- PM Surya Ghar (rooftop solar)
- PLI for solar PV modules
- Investment Support:
- 100% FDI via automatic route
- Project Development Cell for facilitation
- Infrastructure Development:
- Ultra Mega Renewable Energy Parks
- Transmission plan till 2030
- Green Energy Open Access Rules, 2022
- Offshore & Wind Focus:
- 37 GW offshore wind bidding target by 2030
- Offshore Wind Lease Rules, 2023
- National Repowering Policy 2023
Challenges Renewable Energy Plans for FY27:
- Transmission Bottlenecks:
- Capex up to ₹36,000 crore in FY25
- FY26–27 capex estimated at ₹0.9–1 lakh crore
- Delay risks due to equipment and execution issues
- Power Purchase Agreements (PPAs):
- Only 50% of PPAs finalized for recent projects
- Slow state discom interest, expected to improve
FY26 Capacity Addition Projection (Grid-India):
- Solar: 26.5 GW
- Wind: 6.3 GW
- Coal: 4.4 GW
- Battery Storage: 3.3 GW
- Hydro: 1.6 GW
- Pumped Storage: 1.5 GW
- Nuclear: 1.4 GW
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