Government invites bids for 50 GW of renewable energy capacity annually for the next five years, including at least 10 GW of wind power capacity per year
The Indian government has revealed a plan to increase renewable energy capacity by 250 GW in the next five years, aiming to achieve a target of 500 GW of clean energy by 2030.
The Ministry of New & Renewable Energy announced that the government will be inviting bids for 50 GW of renewable energy capacity annually for the next five years, including at least 10 GW of wind power capacity per year.
India’s total renewable energy capacity currently stands at 168.96 GW, and the new plan will ensure the installation of 500 GW of non-fossil fuel capacity by 2030.
The bid plan will also provide the necessary time for RE developers to manage their supply chain more efficiently and for power procurers to manage their RE procurement plans effectively.
Furthermore, the plan will help the RE manufacturing industry by indicating the demand that would be created for their equipment.
Solar Energy Corporation of India Ltd, NTPC Ltd, and NHPC Ltd are currently notified by the government as Renewable Energy Implementing Agencies (REIAs) for calling bids, and the government has also decided to notify SJVN Ltd as a REIA.
The targeted bid capacity for the financial year 2023-24 would be allocated among the four REIAs, and they would be allowed to bring out bids for solar, wind, solar-wind hybrid, RTC RE power, etc., all with or without storage, as per their assessment of the RE market or as per the government’s directions.