New Delhi. Credit rating agency ICRA Limited said that domestic renewable energy capacity is expected to reach 250 GW by March 2026. The rating agency said that there has been significant improvement in tender activities in the financial year 2023-24. In addition, large projects of more than 80 GW (one gigawatt equals 1,000 MW) are in various stages of construction. This will give impetus to capacity increase. In such a situation, companies working in the renewable energy sector, Adani Green Energy, Tata Power, Inox Wind, BF Utilities, Orient Green Power are expected to benefit.
According to the ICRA report, it expects the installed renewable energy capacity in India, including large hydropower projects, to increase to about 250 GW by March 2026 from 201 GW in September 2024.
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Demand and capacity will increase year after year
Girish Kumar Kadam, Senior Vice President (Corporate Rating), ICRA, said, “We expect rooftop solar plants and commercial and industrial segments to contribute significantly to capacity addition. However, the problems of land acquisition and transmission line delays are challenges at the implementation stage of projects and if they persist, the prospects of the sector may be affected.
He said ICRA expects the energy storage capacity requirement to be 50 GW by 2030, which will be met through battery energy storage systems and pumped storage hydro power projects. India has an ambitious target of achieving 500 GW of renewable energy capacity by 2030.
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FIRST PUBLISHED: November 19, 2024, 16:35 IST
