India Renewables Outlook 2024


India has announced ambitious renewable targets but progress is lagging significantly. There is a disconnect between government targets and various operational, financial and regulatory constraints on the ground. We have taken a dispassionate and analytical approach to form a realistic view of future trajectory for renewable power. We have evaluated key demand-supply factors as well as competitive position of renewable power versus other generation sources.

We have assumed a largely status quo policy environment and drawn various scenarios for power demand growth and thermal power PLFs to estimate likely trajectory for renewable power. Our base case estimate is that solar and wind power capacity would reach 82 GW and 53 respectively by end 2024.

Figure: Projected solar and wind capacity, GW

Source: BRIDGE TO INDIA research
Note: Solar capacity includes utility scale, rooftop scale and open access

Key trends likely to shape the sector in the next few years:

  • Large scale storage set to take off from 2023 onwards
  • Tariffs to resume downward journey shortly
  • Complex tender designs
  • Distributed solar market future uncertain
  • Manufacturing prospects stay bleak
  • Mixed financing environment

Figure: Estimated renewable power capacity by 2024, MW

Source: BRIDGE TO INDIA research


Recent reports

India Solar Compass Q1 2021   

This report provides a detailed update of all sector trends and developments in the quarter –capacity addition, leading players, tender and policy a...

Buy Report Download Executive Summary

India Solar Rooftop Map | December 2020

India Solar Rooftop Map is an infographic report providing a snapshot of rooftop solar market in India - capacity addition across states and consumer ...

Download

India Solar Map | December 2020

India Solar Map 2020 is an infographic report that provides a state-wise break-up of utility scale solar commissioned and pipeline capacity. It also s...

Download

India Solar Compass Q4 2020   

Coronavirus-induced hardships persisted in Q4 2020, pulling installation numbers down. Solar capacity addition in 2020 was at a five-year low. 1,298 M...

Buy Report Download Executive Summary

Smart meters: market update and growth outlook   

With a target to reduce AT&C losses to 15% and improve overall financial performance of DISCOMs, the Indian government is pushing for universal ro...

Buy Report Download Executive Summary

India Solar Compass Q3 2020   

India added just 351 MW of solar power generation capacity in Q2 2020 taking total installed capacity to 38,377 MW by 30 June 2020....

Buy Report Download Executive Summary
We use cookies to offer you an optimal user experience and collect information on website usage.