As of end 2023, India has more than 130 GW of installed renewable energy capacity, comprising 72 GW of solar, 45 GW of wind and a few GWs of bioenergy and small hydropower.
The focus throughout the year has been on diversification with attention being given to emerging segments such as green hydrogen, energy storage and offshore wind, backed by a host of policy interventions in these spheres. Further, new business models are being explored as the corporate power procurement space continues to grow.
As the country marches ahead on its renewable energy trajectory, the sector is witnessing further diversification, both in terms of the uptake of new energy technologies as well as innovations in business models.
Thus, going forward, the sector will see more round-the-clock renewable power arrangements with large storage projects, not only for utilities but also for commercial and industrial (C&I) consumers. Virtual power purchase agreements are expected to take off in a big way in the coming months as C&I consumers with small load facilities across different states demand more renewables.
In addition, advanced technologies such as artificial intelligence and blockchain are going to witness significant adoption and integration with renewable energy projects, to improve efficiencies and reduce costs. In terms of upcoming technologies, floating offshore wind turbines and carbon capture, storage and utilisation are expected to gain traction in the coming years in India as well as the rest of the world. In line with the government’s focus and private sector interest, domestic manufacturing of renewable energy equipment is also likely to grow.
Meanwhile, more advanced transmission projects connecting and transmitting renewable power across the borders among various nations are expected to become the norm in the near future.
Net, net, as India continues to move at a rapid pace towards its clean energy goals, ample focus can be expected on not just a few but on all verticals of renewable energy, for a sustainable and secure energy future.
