A Breakout Year for Renewable Energy

The sector saw several milestones in 2024, govt focus on grid modernisation and ramping up transmission connectivity critical ahead

- SRIVATSAN IYER

As a developing nation pursuing rapid economic growth, India has made every endeavour to walk the climate talk. This is perhaps best illustrated by the scale at which it has expanded its renewable energy (RE) capacity. The results have been impressive, as can be seen in the numbers.

2024 in particular has been a breakout year where several milestones were reached, as India continued to take large strides en route Mission 500 gigawatt (Gw) by 2030. During the year, installed RE capacity crossed the 200 Gw landmark, and stood at 214 Gw by November-end, a 14% jump over last year. In November alone, India added 2.3 Gw of new RE capacity, which is four times what was added last November.

The ministry of new and renewable energy's bidding trajectory of 50 Gw of RE capacity annually till FY28 augurs well for the sector, ensuring there won't be any slowing of momentum in the near future. The series of milestones achieved so far, in a large part by the private sector, have made this sector more worthy of investment for continued expansion, with a steady inflow of funds from private and public investors.

2025 and beyond: Opportunity