The Indian government has announced a plan to add 250 GW of renewable energy capacity over the next five years to achieve its target of 500 GW of clean energy by 2030. The government will invite bids for 50 GW of renewable energy capacity annually from FY 2023-24 to FY 2027-28, including at least 10 GW per year of wind power capacity. The plan was finalised by the Ministry of New and Renewable Energy at a meeting chaired by Union Minister for Power & New and Renewable Energy R K Singh. The Ministry of Power is working on upgrading and adding transmission system capacity for evacuating 500 GW of electricity from non-fossil fuel. India currently has a total renewable energy capacity of 168.96 GW, with about 82 GW at various stages of implementation and about 41 GW under tendering stage.
It’s good to know that the four REIAs will be allocated the targeted bid capacity for FY 2023-24. This will help in the equitable distribution of bids and ensure that all REIAs get a fair chance to participate in the bidding process. Moreover, the flexibility provided to the REIAs to bring out bids for solar, wind, solar-wind hybrid, RTC RE power, etc., with or without storage, is a positive step towards promoting renewable energy in India. It will enable the REIAs to cater to the diverse needs of consumers and meet the growing demand for clean energy. Overall, the decision to notify SJVN Ltd as a REIA and allow REIAs to bring out bids for various types of renewable energy sources will help in achieving India’s ambitious renewable energy targets and promote a sustainable future.
