Renewable Energy in India
India is currently running the largest renewable capacity expansion program in the world. While wind energy currently accounts for the largest proportion in renewable energy, India aims to generate 100 GW of solar power by 2022, thus creating a positive environment for tapping into India's tremendous renewable energy potential.
As of February 2016, a cumulative capacity of about 40 GW of grid-interactive renewable energy capacity has been installed in India. While growth has been consistent for all renewable sources, solar has seen a growth rate of more than 100% since 2013-14.
Encouraged by the growth rate, the Government has scaled up the target of renewable energy capacity to 175 GW by the year 2022. The Government has revised the National Solar Mission target of Grid Connected Solar Power projects from 20 GW by 2022 to 100 GW by 2022, making Solar the largest contributor (57%) to Renewable Energy Sector in India.
A total investment of around Rs. 6,00,000 crores has been estimated to achieve the target of 100 GW
The Northern and Western States are estimated to contribute maximum to the Targeted Solar Power Capacity in 2022. 85% of target Wind Power is estimated to come from Western and Southern States. Minimal infrastructure in Eastern and North-Eastern States to contribute to the Renewable Energy Landscape.
- 1) The solar power capacity target under the Jawaharlal Nehru National Solar Mission (JNNSM) of 100 GW principally comprises of 40 GW Rooftop and 60 GW through Large and Medium Scale Grid Connected Solar Power Projects
- 2) Solar Power projects are installed by both, private and public sector companies; Banks and Financial Institutions have given green commitments to finance up to 78.85 GW
- 3) 40 Banks and Non-Banking Financial Companies (NBFCs) have sanctioned an amount of Rs. 71,201.54 crore and disbursed Rs. 29,500 crore for Renewable Energy Sector since February, 2015