India is on track to nearly triple its renewable energy capacity by 2030, aligning with the COP28 global pledge for renewable growth, according to the International Energy Agency (IEA) report.
The country is set to add 350 GW of renewable capacity between 2024 and 2030, more than tripling its performance from the previous six years. This expansion will cement India’s position as the third-largest renewable energy market globally, led primarily by utility-scale solar photovoltaic (PV) projects, which will account for 60 percent of the growth, followed by distributed PV at 20 percent.
India’s renewable energy growth is fueled by competitive auctions, with a record-breaking 33 GW of capacity awarded in the first half of 2024, nearly 50 percent more than the total awarded in 2023.
Hybrid systems — combinations of PV, wind, and storage technologies — accounted for 40 percent of the awarded capacity, reflecting India’s pioneering efforts to minimize variability in renewable energy generation and improve system integration. The country’s leadership in hybrid plants serves as a model for nations looking to enhance their power system operations.
The rapid expansion of auctions, alongside a new support scheme for rooftop PV systems and stronger financial health among utility companies, has led the IEA to revise its forecast for India upwards by 22 percent.
Investment in offshore wind is also on the horizon, with India preparing for its inaugural auctions, with the first projects expected to come online after 2030. These developments are part of the broader push for India to achieve its ambitious national target of 500 GW of non-fossil-based energy capacity by the end of the decade.
Across the Asia Pacific region (excluding China), renewable energy capacity is forecasted to grow by over 680 GW from 2024 to 2030, doubling the region’s growth from 2017-2023. India will account for more than half of this increase, with the ASEAN region contributing 14 percent.
Solar PV will dominate, with utility-scale projects driving two-thirds of this growth. In the rest of the region, PV growth is expected to be more balanced between distributed and large-scale installations. The IEA has also revised the region’s renewable forecast up by 15 percent, as positive trends in India and South Korea offset slower-than-expected growth in the ASEAN region.
Baburajan Kizhakedath