India to reach 120-125 GW of installed renewable energy capacity, says ICRA

According to ICRA, India will miss its target of 175 GW of renewable energy by the end of 2022 and is expected to reach about 120-125 GW of installed capacity instead. The pandemic is estimated to make a difference of only about 4 GW of missed execution overall. As per ICRA’s predictions, the utility-scale solar grid capacity of 60 GW is expected to be close to being fulfilled, however, the rooftop solar and wind energy targets will be missed by a greater margin. The rating was based on execution delays for projects that have been bid over the past two years along with concerns about the delays in payment by state discoms. Capacity addition in the renewable energy sector is expected to remain subdued at about 8 GW in the financial year 2021 given the continued execution challenges amid Covid-19, because of supply chain disruption as well as labour availability issues.

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