Page 8 - CV Aug-Sep 2023 Issue

INDIA'S RENEWABLE ENERGY INSTALLATIONS TO REACH
45 GW IN NEXT TWO YEARS: CAREEDGE RATINGS

nnual renewable energy (RE) on the government's commitment to awarded a PLI (Production Linked
installations in FY24 are to be ensuring the bidding of approximately 50 Incentive) scheme of over Rs 18,000
Aaround 20 GW, led by the solar GW of annual capacity for the next five crore to encourage private investment in
sub-segment, CareEdge Ratings said on years to facilitate the achievement of the the solar module supply chain. This is
Thursday. This is based on the healthy target of 500 GW capacity through non- expected to lead to the establishment of
pipeline of over 55 GW assets under fossil fuel sources by 2030. This will a fully integrated module manufacturing
development. The subsequent year is require annual RE installations to exceed capacity of 27.4 GW, a deeply integrated
expected to see installations of 25 plus 40 plus GW. module manufacturing capacity of 16.8
GW, leading to a cumulative increase of The trajectory for FY24 includes 10 GW GW, and a partially integrated module
45 GW over the next two fiscal, the rating of wind capacity and 40 GW collectively manufacturing capacity of 7.4 GW. This
agency said in a sectoral note. The solar from solar, hybrid, and storage-based capacity is expected to be commissioned
sub-segment is expected to lead the way capacity. Additionally, key states like between FY24 and FY27. The
in terms of installations, followed by wind Gujarat, Maharashtra, and Karnataka, commissioning of this domestic capacity
and hybrid capacity. The commercial and among others, are actively conducting is anticipated to result in annual forex
industrial segment is also expected to state-specific auctions to support further savings of approximately Rs 90,000
contribute significantly to future capacity capacity additions. Meanwhile, the report crore.
additions. These projections are based stated that the Indian government has

CONSTRUCTION VISION 6 AUGUST - SEPTEMBER 2023