According to ICRA, the renewable project pipeline, solar PV cell and module prices are expected to improve renewable energy capacity to over 26 GW in FY2025, up from 19 GW in FY2024. This growth is projected to scale further to 32 GW in FY2026, mainly driven by the solar power segment.
Nov 25, 2024
India’s installed renewable energy capacity, including large hydro projects, is projected to grow to 250 GW by March 2026 from 201 GW as of September 2024, according to ICRA. This increase is due to a project pipeline of over 80 GW, driven by enhanced tendering activity in FY2024.
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Girishkumar Kadam, Senior Vice President and Co-Group Head of Corporate Ratings, ICRA, said, “The renewable project pipeline, solar PV cell and module prices are expected to improve renewable energy capacity to over 26 GW in FY2025, up from 19 GW in FY2024. This growth is projected to scale further to 32 GW in FY2026, mainly driven by the solar power segment.’’
ICRA estimates the rise in renewable energy capacity over the next five years. This will increase the share of renewable energy, including large hydro projects, and increase India’s total electricity generation from 21% in FY2024 to over 35% by FY2030.
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The report also highlights the importance of energy storage projects that integrate the growing share of renewable energy into the grid, given the inconsistency and limited access to renewable sources.
