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Jeet B Bhayani (SEBI RA)

13th Dec · SEBI-Registered Analyst

India's renewable energy (RE) sector has been experiencing swift expansion over the past several years. New Renewable Energy Secretary Santosh Kumar Sarangi stated, "India's Commercial & Industrial (C&I) sector is projected to install over six gigawatts of renewable energy capacity by 2025." Sarangi asserts that the C&I sector in India can sustain as much as 80 gigawatts of additional renewable energy capacity by 2030, fueled by increasing demand for renewable energy from the growth of data centres and expanding manufacturing activities. Sarangi emphasized that the growth trend in C&I aligns with India's aim to boost installed renewable energy capacity to 500 gigawatts by 2030. He similarly mentioned that distributed renewable energy systems are expanding at an extraordinary pace, with total installations from the PM-KUSUM and PM SURYA GHAR initiatives indicating around nine gigawatts installed as of this week, with estimates suggesting a total near 12 gigawatts by the end of 2023. The Indian economy is expected to surpass 6.5%, leading to heightened electrical power consumption and boosting the development of Renewable Energy Sources. The Government of India launched a Viability Gap Funding (VGF) initiative to integrate Battery Storage into the energy sector at the Transmission and Distribution stage to facilitate this shift. The lowest-cost scenario for India suggests that by 2047, 240 GWh of Battery Storage will be required, highlighting the urgency of advancing Energy Storage Technologies. In pursuit of the goal to reach 65 GW of Solar Module Manufacturing by June 2026, India will additionally promote upstream production of Ingots and Polysilicon to facilitate increased C&I and Decentralised Renewable Energy (RE) implementation, stimulate demand, and foster a Clean Energy Ecosystem in India.

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