India needs to increase solar capacity by 36 percent every year

New Delhi: India needs to increase annual solar capacity by 36 per cent every year to meet its 2027 target, according to a new analysis by global energy think tank Amber. According to Amber, if India continues to work on its proposed power projects, solar and wind energy could increase power generation by two-thirds by 2032. This means that India’s future power generation growth will not be driven by coal. Solar energy grew from its nascent stage in FY17 to reach one percent share in India’s energy mix. If India achieves its solar targets set in the 14th National Power Plan (NEP14), its share is expected to increase five-fold from five to 25 per cent in FY 2022-32, heralding a period of “rapid growth”. Will mark.
This implies that the country’s power generation growth, which was mainly driven by coal in the last decade, could enter a phase with most of its power expansion driven by solar and wind in the next 10 years, provided India continues its NEP14. Be on track to accomplish goals. According to the analysis, as solar power penetration in India increases, the need for higher levels of storage capacity to be able to manage peak demand is also increasing.
“India’s electricity supply landscape is projected to change significantly over the next decade, with generation likely to increase due to solar and wind power,” says Nashwin Rodrigues, India Electricity Policy Analyst at Amber. “Given their volatile nature, a significant increase in storage capacity is critical to balancing production and demand.” As India increases investment in renewable energy, the government now plans to tender 50 GW of solar and wind capacity per year over the next five financial years. But to achieve NEP14 targets, India needs to increase its current annual solar capacity by about 36 per cent each year till 2026-27. This means India will need to commission at least 17.5 GW in FY2024, expanding to 41 GW by 2027.