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 Corporate Renewable Brief | Q2 2021

Our latest edition of quarterly report provides a detailed regular update on key trends and developments in the C&I renewable market....

Download

India Renewable Map | June 2021

India’s total utility scale solar and wind capacity reached 77,082 MW by 30 June 2021. New capacity addition in the last 12 months was 6,530 MW, up ...

Download

India Solar Compass Q2 2021   

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

Buy Report Download Executive Summary

India Corporate Renewable Brief | Q1 2021

Our new quarterly report provides a detailed regular update on key trends and developments in the C&I renewable market....

Download

India Renewable Power CEO Survey | 2021

The India Renewable Power CEO Survey provides a glimpse into key trends of the industry that affect important management decision-making by business l...

Download

Wind solar hybrid projects   

India’s wind solar hybrid (WSH) project capacity is poised to grow from 310 MW at present to about 9,500 MW by 2025....

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