(MENAFN- KNN India) New Delhi, May 4 (KNN)
India saw a major shift towards renewable energy in the financial year 2023-24, with over 70 per cent of new power capacity additions coming from clean energy sources.
According to a report by the CEEW Centre for Energy Finance, the country added 26 GW of new power generation capacity, of which renewable energy contributed more than 18 GW.
This remarkable growth has taken India's total installed renewable energy capacity to 144 GW, comprising nearly 33 per cent of the overall 442 GW installed power capacity.
Hydropower makes up another 11 per cent, while the share of coal has fallen below 50 per cent for the first time.
Solar energy led the way, accounting for around 15 GW or 81 per cent of new renewable capacity added in FY24.
Wind power also saw a significant boost, with 3.3 GW of new installations compared to 2.3 GW the previous year. Additionally, 1.4 GW of nuclear capacity was added after a gap of several years.
To meet its ambitious clean energy targets, India conducted record renewable energy auctions of around 41 GW in FY24.
Energy storage components were included in eight of these auctions, signalling a transition towards innovative power procurement.
"Around 95 per cent of India's 50 GW annual renewable energy bidding target was met this year. The 47.5 GW of bids issued are approximately three times the recent annual RE capacity additions," said Gagan Sidhu, Director at CEEW-CEF, reported ET.
The residential rooftop solar segment also received a boost with the PM Surya Ghar scheme aiming to add 30 GW of capacity.
Overall, the policy landscape is evolving to promote renewable energy growth and competitive power pricing in India.
(KNN Bureau)
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