changeadminLast month at the Global Renewable Energy Investment Meet & Expo, several Indian states made commitments towards increasing their renewable energy targets.
Cumulatively 540 GW of renewable energy capacity by 2030 was made, with Gujarat leading with a commitment to add 128.60 GW followed by Andhra Pradesh and Maharashtra with pledges of 72.60 GW and 62.73 GW, respectively.
In terms of financial investments, the expansion of renewable energy in India is expected to demand about Rs 32.45 lakh crore (~$US 380 billion).
The renewable energy commitments by various states are more or less in line with India’s goal of achieving 500 GW by 2030 and over 600 GW capacity by 2032.
In October 2024, India reached a significant milestone in its renewable energy journey, with the total renewable energy capacity crossing the 200 GW (gigawatt) mark. Solar power leads the way with 90.76 GW, followed by Wind power with 47.36 GW, Hydroelectric power with 51.99 GW and Biopower adds another 11.32 GW.
The massive push for renewable energy in India and the overall energy transition in the next few years will require the country to augment its power transmission and distribution capacities.
As per the National Electricity Plan, over 1,91,000 circuit kilometres (ckm) of transmission lines and 1270 gigavolt-amperes (GVA) of transformation capacity are planned to be added during the ten years from 2022-23 to 2031-32. The inter-regional transmission capacity is planned to increase to 143 GW by the year 2027 and further to 168 GW by the year 2032, from the present level of 119 GW.
The plan also includes consideration of the requirement of storage systems through 47 GW of Battery Energy Storage Systems and 31 GW of Pumped Storage Plants to be developed along with Renewable Energy.
The transmission plan is not only for domestic purposes but also covers cross-border interconnections with Nepal, Bhutan, Myanmar, Bangladesh, and Sri Lanka as well as probable interconnections with Saudi Arabia, UAE etc.
This provides a massive investment opportunity for investors and developers of over Rs 9.15 lakh crores (~US$ 107 billion) in the transmission sector till the year 2032.
Overall, if we see the cumulative investments for India’s renewable energy transition, it could be over US$ 500 billion in 6 to 8 years. This has the potential to generate green jobs for 10 million people.
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