India closed the year 2024 with 214 GW installed green energy capacity. According to the Ministry of New and Renewable Energy, the country is firmly on track to meet its ambitious target of achieving 500 GW energy capacity from non-fossil fuels by 2030.
As per the official figures, India added around 15 GW of renewable energy capacitybetween April and November last year,which is almost double the 7.57 GW added during the corresponding period in 2023.
India had already crossed the 200 GW milestone of total installed renewable energy capacity by September 2024 which further increased to 214 GW in November. This is over 14 per cent increase over the 187.05 GW in the same period in 2023.
In 2024, the country’s solar energy capacity reached 94.17 GW, while its wind energy capacity stood at 47.96 GW. As of November 2024, the total installed and pipeline solar projects combined amounted to 261.15 GW, highlighting a robust pipeline for future growth and expansion in the solar sector.
A robust push for solar energy implementation via Govt schemes
PM Surya Ghar: Muft Bijli Yojana’ (PMSGMBY) has given a great push to this. In just 10 months of its launch, the scheme has witnessed 7 lakh installations that brings it to an average of 70,000 per month. This shows a 10-fold increase in monthly installations compared to the average of 7,000 per month before the launch of the scheme in February 2024.
Across the country, with robust infrastructure and stakeholder collaboration, Gujarat, Maharashtra, Kerala and Uttar Pradesh emerged as highlights by demonstrating exceptional progress.
The scheme, launched with a budget of Rs 75,021 crore, aims to install rooftop solar systems in one crore households. It offers up to 300 units of free electricity per month and provides subsidies ranging from Rs 30,000 to Rs 78,000 per household. Additionally, the government has introduced guidelines for 'Incentives to DISCOMs' with a financial allocation of Rs 4,950 crore, which covers the availability of net meters and facilitation of installations.
Furthermore, under the PM KUSUM scheme considerable progress has been made with the installation of over 2.95 lakh standalone off-grid solar water pumps to help farmers set up 10,000 MW decentralized solar plants on their land.
Under the scheme, a total of 35 lakh grid-connected agricultural pumps have been solarized, and approximately 11.34 GW of solar energy capacity was installed between January and November 2024.
Wind power following suit
In addition to this, India’s cumulative wind power capacity reached 47.96 GW as of November 2024. The total installed and pipeline wind energy projects (as of November 2024) amount to 74.44 GW, reflecting ongoing advancements in renewable energy. States like Gujarat, Karnataka, and Tamil Nadu lead the pack for wind capacity additions during FY 2023-24.
The ministry is also not leaving any stone unturned to implementation the National Green Hydrogen Mission with an approved outlay of Rs 19,744 crore. The mission aims to establish India as a global hub for green hydrogen production and export.
IREDA playing a critical role
The implementation of green and clear energy across the country is seeing a robust growth. Thanks to the equal push by the Indian Renewable Energy Development Agency (IREDA) Ltd through its loan schemes. In the third quarter of 2023-24 itself, the IREDA has sanctioned loans worth Rs 31,087 crore. This records a growth of 129% as compared to the same quarter last year. During the corresponding period last year, the state-run renewable energy financier had sanctioned loans worth ₹13,558 crore.
Furthermore, disbursements have also witnessed considerable growth for the December quarter with an increase of 41% in comparison to the corresponding quarter last year. The Oct-Dec quarter of 2023-24, disbursement of Rs 17,236 crore were made, while it was Rs 12,220 crore last year in the same quarter.
By the end of the December quarter, IREDA's outstanding loan book reached ₹69,000 crore, marking a 36% increase from ₹50,580 crore at the close of December 2023.
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