India has declared a plan to add 50 GW of renewable energy capacity annually for next five years to achieve the target of 500 GW by 2030.
Power and New and Renewable Energy Minister RK Singh said that the government has decided to invite bids for 50 GW of renewable energy capacity annually for the next five years i.e. from 2023-24 till 2027-28.
These annual bids of inter-state transmission connected renewable energy capacity will also include setting up of wind power capacity of at least 10 GW per annum.
The bidding trajectory for renewable energy would be a big boost to achieve 500 GW capacity from non-fossil fuels by 2030 and a major step towards energy transition.
The minister asked the industry to take advantage of the opportunity, saying that the bidding plan gives sufficient time to plan finances and manage supply chains.
India has a total renewable energy capacity of 168.96 GW (as on February 28, 2023) with about 82 GW at various stages of implementation and about 41 GW under tendering stage.
This includes 64.38 GW solar power, 51.79 GW hydro power, 42.02 GW wind power and 10.77 GW bio power.