India is on course to reach the ambitious target of achieving 500 gigawatts (GW) from non-fossil fuel sources by 2030. As of November 2024, the total non-fossil fuel installed capacity has reached 213.70 GW, a 14.2% increase from last year’s 187.05 GW. The total non-fossil fuel capacity, including installed and pipeline projects, surged to 472.90 GW, a 28.5% increase from the previous year’s 368.15 GW.

During FY 24-25, a total of 14.94 GW of new renewable energy capacity was added till November 2024, nearly doubling the 7.54 GW added during the same period in FY 23-24. In November 2024 alone, 2.3 GW of new capacity was added, a fourfold increase from the 566.06 MW added in November 2023, according to data from the Ministry of New and Renewable Energy (MNRE).

Solar installed capacity rose from 72.31 GW in 2023 to 94.17 GW in 2024, a growth of 30.2%. Including pipeline projects, total solar capacity surged by 52.7%, reaching 261.15 GW in 2024, compared to 171.10 GW in 2023. Wind power installed capacity rose from 44.56 GW in 2023 to 47.96 GW in 2024, reflecting a growth of 7.6%. Total wind capacity, including pipeline projects, increased by 17.4%, from 63.41 GW in 2023 to 74.44 GW in 2024.

''The large project pipeline and the favourable solar PV module prices are expected to lead to an increase in installed renewable energy capacity in India to about 250 GW by March 2026 from the level of 201 GW as of September 2024. However, challenges remain on the execution front, concerning land acquisition and transmission connectivity. Also, delays in the signing of power purchase and supply agreements post-award of the project remain a major concern for the sector'', says Vikram V, vice-president & co-group head – corporate ratings, ICRA.

The data says bioenergy capacity rose from 10.84 GW in 2023 to 11.34 GW in 2024, reflecting a growth of 4.6%. Small hydro projects saw a slight increase, from 4.99 GW in 2023 to 5.08 GW in 2024, with total capacity, including pipeline projects, reaching 5.54 GW. Large hydroelectric projects grew incrementally, with installed capacity rising from 46.88 GW in 2023 to 46.97 GW in 2024, and total capacity, including pipeline projects, increasing to 67.02 GW from 64.85 GW in the previous year. In nuclear energy, installed nuclear capacity grew from 7.48 GW in 2023 to 8.18 GW in 2024, while the total capacity, including pipeline projects, is now at 22.48 GW.

Rahul Munjal, CMD, Hero Future Energies, predicts the year 2025 will be of big action in the renewable energy sector. “The year will see a surge in RE deployment in India as a large pipeline of projects is under execution. I expect to see even stronger bidding action for new-age, complex tenders (such as FDRE, Peak Power, Hybrid) to reflect the rising demand for renewable energy combined with battery storage'', he says.