Renewable energy consultancy firm Bridge to India in its latest report forecasts that India’s solar and wind generation may touch 135 gigawatt (GW) by the end of 2024 up from the 77 GW capacity it had reached in 2019.
Bridge to India in its report titled ‘India renewables outlook 2024’ said “Notwithstanding the various operational and financial challenges and growing risk aversion, we expect the record low solar tariff level to be breached in the next one to two years.”
There would be a move away from vanilla tenders to complex schemes including manufacturing-linked tenders, solar-wind-storage hybrid tenders and even completely technology agnostic tenders seeking firm 24×7 power, said the report.
It further added the higher complexity may bring down the number of active players and consolidate the industry further.
The report highlighting result of first mega storage said that the growth potential is huge but, take-off stage was still another two -three years away, as it remains to be seen if the discoms are willing to buy power at a cost of over Rs 6/kWh.
On the residential rooftop solar prospects, the report expects it to pick up owing to clearer policy focus and improving availability of financing solutions.
As safeguard duty on cell and module imports is set to expire in July 2020, the report added that mixed financing environment equity funding will remain easy as the sector attracts global investors.