It added that solar energy capacity would reach 82 GW and wind capacity would reach 53 GW by 2024
India’s solar and wind generation is expected to touch 135 gigawatt (GW) by the end of 2024 up from the 77 GW capacity it had reached in 2019, according to a recent report by renewable energy consultancy Bridge to India.
“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,” said Bridge to India in its report titled ‘India renewables outlook 2024’.
Projected solar and wind capacity, GW
The report said that 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 24x7 power. The higher complexity may bring down the number of active players and consolidate the industry further, it further added.
Regarding the results of the first mega storage tender, the report said that the growth potential is huge but, take-off stage was still another two 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.
Power generating capacity addition, GW
Highlighting the residential rooftop solar prospects, the report added that the sector is expected 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.