Renewable energy projects of about 151 GW capacity are under various stages of implementation in the country, Union Minister Pralhad Joshi has said.
The Minister for New and Renewable Energy further said that around 76.42 GW of renewable energy capacity will be operationalized in next 3-4 years.
"The government is taking several initiatives to prioritise renewable energy. Nearly 151 GW of renewable projects are being implemented, and 76.42 GW will be operationalized in 3-4 years," he said addressing a session at 'Mercom India Renewables Summit 2024' in the national capital on Friday.
The tendering process for 76.42 GW capacity of projects has already been completed, the minister said.
The renewable energy capacity has increased over 2.5 times from 76 GW in 2014 to more than 195 GW as of June 2024, Joshi said.
The solar power capacity witnessed a steep jump from just 3 GW in 2014 to more than 85 GW now while wind power capacity increased from 21 GW to more than 46 GW, the minister added.
"The recent bidding trajectory has been a great initiative. If government agencies continue to exceed their targets and start mandating auctions through PPA/PSA signing, as a part of the trajectory, we will witness a significant increase in installations in the coming years," Raj Prabhu, CEO of Mercom Capital Group said.
The installations are poised to take off in a big way starting this year as the market enters the next level of growth and becomes one of the top three solar markets in the world, he added.
