Renewable energy investment touches Rs 1.34 lakh crore in India

Duke Energy Renewables

Renewable energy projects in India have attracted investments of about Rs 1.34 lakh crore between April 2017 and January 2020.

“Based on standard capital cost per MW, an investment of around Rs 1.34 lakh crore is estimated to have been made in the renewable energy sector during last three years i.e. 2017-18 to 2019-20 (up to January 2020),” Renewable Energy Minister R K Singh said in a written reply to the Lok Sabha.

Most of the grid connected renewable energy projects are being implemented by private sector developers selected through competitive bidding process. India has set a target of having 175GW of clean energy by 2022 which includes 100GW of solar and 60GW of wind energy.

India added capacity of 2043 MW during 2019-20 (up to 29.2.2020) as against 1480 MW during the previous financial year 2018-19.

India government has instructed Solar Energy Corporation of India and NTPC not to prescribe upper cap of tariff in future bids for wind and solar power projects.

The installed capacity of wind power during 2017-18, 2018-19 and 2019-20 (as on February 29, 2020) was 1865 MW, 1480 MW and 2043 MW, respectively.  The government has set a target of installing 60,000 MW of wind power capacity, to be commissioned by December 2022.

Of this 60,000 MW, 37,669 MW capacity has already been commissioned (as on February 29, 2020), with 9236 MW of projects under implementation and 1200 MW under bidding, the minister said.

India has installed a total of 8004.64 MW of renewable energy capacity in April-January period of this fiscal as compared to 5978.47 MW installed in the year-ago same months. A grid connected capacity of 35065.34 MW of solar power has been installed as on February 29, 2020.