Summary:

India's renewable energy capacity is expected to reach 250 GW by March 2026, according to ICRA. This expansion is supported by a robust project pipeline of over 80 GW, fueled by increased bidding activity in FY24. ICRA anticipates the installed capacity, including large hydro projects, to rise from 201 GW in September 2024 to 250 GW. Rooftop solar and commercial-industrial sectors will make significant contributions; however, land acquisition and transmission challenges may hinder growth.

ICRA predicts that India will need 50 GW of energy storage by 2030, to be provided by battery energy storage systems (BESS) and pumped storage hydro projects (PSP). This aligns with the country's goal of achieving 500 GW of renewable energy capacity by 2030. However, Mr. Girishkumar Kadam of ICRA emphasized that, despite the strong growth potential, logistical challenges in project execution must be addressed to fully realize these opportunities.

Source: IBEF 

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