New Delhi: Union Minister Pralhad Joshi has stated that there are renewable energy projects totaling 151 GW capacity currently being implemented in the country.
The Minister also mentioned that approximately 76.42 GW of renewable energy capacity will be put into operation within the next 3-4 years. The government is implementing multiple strategies to give preference to renewable energy. "Almost 151 GW of renewable projects are currently in progress, and 76.42 GW are expected to be operational within the next 3-4 years," he stated during a discussion at the 'Mercom India Renewables Summit 2024' in the capital city on Friday.
The minister stated that the tender process for projects totaling 76.42 GW capacity has been finished. Joshi stated that the renewable energy capacity has skyrocketed by over 2.5 times, rising from 76 GW in 2014 to over 195 GW by June 2024.
The minister stated that the solar power capacity has increased significantly from 3 GW in 2014 to over 85 GW currently, and the wind power capacity has also risen from 21 GW to more than 46 GW. The recent course of bidding has been a positive endeavor. Raj Prabhu, CEO of Mercom Capital Group, stated that if government agencies continue surpassing targets and begin requiring auctions through PPA/PSA signing, we can expect a notable rise in installations in the future. He mentioned that the installations are set to increase significantly this year as the market expands to become one of the top three solar markets globally.
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