India's Renewable Energy Surge: Aiming for 50 GW Boost Annually Till 2030

The share of renewables in India's energy mix is projected to stay stable at 21% in FY25, as reported by India Ratings and Research. With an expected annual growth in energy requirements of 5-5.5% and a strong renewables pipeline, India targets 50 GW capacity addition annually until 2030.

India's commitment to renewable energy is poised for substantial growth, according to the latest insights from India Ratings and Research (Ind-Ra). As projections indicate that renewables, including large hydro, will comprise 21% of the national energy mix in the financial year 2025, the balance will largely depend on thermal sources.

As of December 2024, the country's power generation capacity reached 462 GW, with renewables contributing over 209 GW. Ind-Ra forecasts an annual energy requirement increase of 5-5.5%, driven by a robust pipeline for renewable projects mainly involving solar energy, which is crucial for meeting the country's aggressive energy transition goals.

Ind-Ra maintains a stable outlook for solar and wind projects through FY26, underpinning this with historical performance trends and stable liquidity. With anticipated energy demand growth and transition objectives, India aims to inject 50 GW of renewable capacity annually by 2030, emphasizing the importance of timely project execution.

(With inputs from agencies.)