India to have 135 GW renewables by 2024: Bridge to India

India is forecast to reach 82 GW of solar capacity and 53 GW of wind capacity by the end of 2024, according to the India Renewables Outlook 2024 report from Bridge to India. However, progress on projects is stalling for policy, execution and financial reasons, the report said. Advances in technology and competition are expected to contribute to lower tariffs but tenders are forecast to become more complex. Energy storage is expected to have huge potential in the future.

India is projected to reach solar and wind power capacity of 82GW and 53GW respectively by the end of 2024 assuming a largely status-quo policy environment, according to a new report by consultancy Bridge to India. As per the chart above, this includes nearly 50GW of utility-scale solar, nearly 16GW of rooftop PV and more than 6.5GW of open-access solar. In its 'India Renewables Outlook 2024 report', Bridge to India pointed at three major variables affecting future trajectory for renewable power. These include policy support, power demand growth and thermal power plant load factors (PLFs). Policy friction between central and state governments was highlighted as a major drawback.

Stagnation takes hold amid tricky execution and financing

Looking at the present-day picture more closely, Bridge to India stated that “mega tenders are being pushed but actual progress is stagnating”. Policy, execution and financial pressures have slowed sector activity and raised concerns about the viability of projects under development. The Indian government's rhetoric over renewable energy targets is still seen as too ambitious; Bridge to India went as far as to say that the narrative is “usually too zealous, self-seeking and/ or lacking in intellectual rigour”. Nonetheless, the overall scene remains promising with solar and wind now by far the two cheapest greenfield power sources, with penetration growing from 3% to 10% in the last five years.

Key trends ahead