According to a new report by SBICAPS, India needs to add 32 GW of solar capacity annually to achieve its target share of the revised optimal energy mix for the 2029-30 fiscal year.
The revision of the optimal energy mix set by the Central Electricity Authority shows that India's total power generation capacity will increase to 777 GW by the financial year 2029-30, of which solar power will account for 293 GW.
According to the report, as of May 31, 2023, India's installed solar PV capacity has reached 68 GW, and the new installed capacity in the fiscal year 2022-23 will be about 12.8 GW.
"The National Electricity Plan (NEP) projects that India's energy demand will grow at an annual rate of 7 percent from 2021-22 to 2026-27," the report said. The final optimal energy mix sets a much more important role for solar... We estimate that to achieve this, solar growth must double to more than 30 GW per
Solar tenders will grow by more than 93 GW in 2021-22. "As of now, the country plans to add 130 GW to 140 GW of target capacity for PV installations between the 2023-24 and 2027-28 fiscal years."