India Accelerates Toward 500 GW Renewable Energy Target by 2030

India's renewable energy sector is rapidly expanding, with impressive strides towards a 500 GW non-fossil fuel installed capacity goal by 2030. In the first half of 2024 alone, 38 GW of capacity was awarded through competitive tenders, indicating robust demand and commitment to renewable energy.

India is swiftly moving towards its ambitious goal of achieving 500 GW of non-fossil fuel installed capacity by 2030, according to S&P Global Commodity Insights. By June, India's total renewable capacity reached 148 GW, with 140 GW in various development stages.

In the first half of 2024, 70 GW of tenders were announced, and 38 GW of capacity was awarded to successful bidders. Competitive tenders drove the sector's expansion, with a record 26 GW awarded in Q1. The second quarter normalized to about 7 GW of awarded capacity, with over 18 GW requested in new tenders, doubling last year's figures.

Federal agencies like SECI, NTPC Ltd., SJVN Ltd., and NHPC Ltd. dominated the tenders, accounting for about half the total capacity. Additionally, the average solar tariff for Q2 projects was around USD 33/MWh, showcasing decreasing costs and increased competitiveness. India is on track to award 50 GW of renewable capacity in 2024, aligning well with its sustainable energy future goals.