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The renewable energy sector has maintained its momentum in adding new capacity during the September quarter. Also, the period saw the total capacity of the solar power segment cross 60 GW. During July-September 2022, the renewable sector added new capacity of 4016 MW as against 3208 MW in the year-ago quarter and 4179 MW in the preceding quarter.
The solar segment added a new capacity of 3108 MW in Q2 (3709 MW in Q1), while the wind power sector added a higher capacity of 878.5 MW (430 MW).
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For the half-year that ended on September 30, the total capacity addition stood at 8195 MW — the highest-ever. In H1 FY22, the sector added 5730 MW, according to data by Ministry of New and Renewable Energy.
As of September 30, the cumulative grid-connected capacity of renewables stood at 118 GW. Of this, solar power segment accounted for about 61 GW, followed by wind power at 42 GW and bio-power at 10.2 GW. The small hydro segment accounted for 4.89 GW.
Though the renewable energy sector is likely to miss its December target, the current fiscal is expected to witness the highest-ever annual capacity addition. In 2021-22, the sector added 14,077 MW of new capacity. In this fiscal, it is expected to add 15-16 GW of new capacity on the back of a strong pipeline of projects to the tune of 50 GW plus.
The roadmap
“Renewable capacity additions are likely to increase further to 95-100 GW over FY23 to FY27, primarily due to environment-driven shift towards renewable generation, government support through favorable policies for domestic equipment manufacturing and renewable power offtake, growing participation from central generation companies in addition to existing private entities and strong funding support,” according to Girish Tanti, Vice Chairman of Suzlon.
The solar capacity is expected to grow at a CAGR of 18-20 per cent during FY23-FY27, while the growth in wind capacity is expected at 9-10 per cent CAGR. As a result, the share of solar in overall installed capacity is expected to reach 24-25 per cent by FY27. The share of conventional capacity is likely to slip from 72 per cent in FY22 to 59-60 per cent in FY27.
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