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 Map | December 2019

India’s operational utility scale solar capacity reached 30,982 MW on 31 December 2019. Only 7,150 MW of new capacity was added during 2019, up a mo...

Download

India Solar Compass Q4 2019   

Project commissioning remained slow in Q4 2019 with 1,845 MW of capacity addition, 37% below our estimate of 2,919 MW....

Buy Report Download Executive Summary

India Solar Rooftop Map | September 2019

India added a record 1,853 MW rooftop solar capacity in the twelve-month period ending Sep-2019. Capacity addition was 17% higher as compared to ...

Download

Global Corporate Renewable Power Procurement Models

Commercial & Industrial (C&I) consumers in India are increasingly looking to procure renewable energy for financial and environmental reasons....

Download

India Solar Compass Q3 2019   

Slow capacity addition in the utility scale solar sector continued in Q3 2019. Capacity addition during the quarter was 1,734 MW, 43% below our estima...

Buy Report Download Executive Summary

India Solar Rooftop Market Analytics   

This report presents trends and observations from over 16,000 rooftop solar installations with an aggregate capacity of 2,265 MW in our database. It p...

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