India's Renewable Energy Sector Reaches New Heights

As of August 2024, India's renewable energy capacity reached a significant milestone of 200 gigawatts (GW). Solar power leads the way, accounting for nearly half of this capacity. Wind and hydropower follow, each contributing approximately a quarter, while biopower makes up the remaining portion.

While solar continues to dominate new installations, a notable shift has occurred. The focus has expanded from large-scale utility projects to include distributed solar, particularly in the commercial, industrial, and residential sectors. Government policies have played a crucial role in boosting residential solar adoption.

Wind power, once facing challenges, has experienced a resurgence. Solar-wind hybrids, round-the-clock renewables, and dispatchable projects have revitalized the segment. Offshore wind is also emerging as a promising area for growth.

Hydro and biopower, which have seen limited capacity additions recently, are now receiving renewed attention. Massive pumped storage projects are being developed to address grid balancing and renewable energy intermittency. Biopower is gaining momentum with compressed biogas and ethanol initiatives.

Manufacturing capabilities and policies across the renewable energy sector have also undergone positive developments. The expansion of renewables and the pursuit of low-cost clean energy are expected to support the growth of green hydrogen.

Overall, India's renewable energy sector is on a strong trajectory towards achieving its ambitious goal of 500 GW by 2030.

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