India’s cumulative installed renewable generation capacity reached 125.2 GW at the end of March 2023, with more than half of it coming from the solar sector, which is forecast to add some 18 GW during the current year, JMK Research says in a new report.
During the fiscal year through March 2023, India brought online 8 GW of utility-scale photovoltaic (PV) parks, which was 22% less than a year before, and 2.23 GW of rooftop systems. The wind segment was responsible for the deployment of 2.28 GW of new capacity, or 105% more than in the year-ago period.
In the January-March quarter alone, utility-scale solar additions totalled 2.38 GW and accounted for a 54% year-on-year jump, while rooftop installations rose by 44% with 801 MW added. Some 738 MW of wind farms became operational in the three months, a drop of 56% from a year earlier.
At the end of March, roughly 59 GW of solar, wind and hybrid projects were in the pipeline, expected to be commissioned within the next four-five years, while some 46.7 GW of projects were in the bidding phase.
According to JMK Research, India will energise some 15.5 GW of utility-scale and 2.5 GW of rooftop solar parks this fiscal year, plus around 3 GW of wind farms.
India’s government has set an ambitious target for 500 GW of installed renewable energy capacity by 2030.