India’s renewable energy sector has recently achieved impressive growth, hitting significant milestones that reflect the country’s commitment to clean energy. Here is a detailed overview of this transformation:
As of October 2024, India’s collective renewable energy capacity reached 203.18 GW, marking an annual increase of 24.2 GW or 13.5% from 178.98 GW in the previous year. This growth aligns with India’s ambitious targets in the renewable energy sector, including a total non-fossil fuel capacity of 211.36 GW when incorporating nuclear energy. The solar power capacity surged to 92.12 GW, an increase of 20.1 GW (or 27.9%) compared to 72.02 GW in October 2023. The total solar capacity, including projects under implementation and tendered, now stands at 250.57 GW
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Wind energy also grew, with installed capacity reaching 47.72 GW, a 7.8% increase since the previous year. An 83% increase in investment, amounting to approximately US$ 16.5 billion in 2024, is expected as part of the broader strategy to transition to cleaner energy sources. Cumulative Foreign Direct Investment (FDI) in the renewable energy sector from FY 2010-11 to FY 2023-24 reached US$ 17.07 billion, with a significant boost of 50% YoY in FY 2023-245.