Right in the beginning of 2025, the Renewable Watch team had a chance to meet and interact with the Union Minister of New and Renewable Energy, Pralhad Joshi, who outlined the key priorities for his ministry. While topmost on the list was achieving India’s Panchamrit goal of 500 GW of non-fossil fuel-based power by 2030, other focus areas include PM Surya Ghar: Muft Bijli Yojana, National Green Hydrogen Mission, offshore wind power deployment and promotion of energy storage.
It is encouraging to see the ministry’s focus on newer and emerging areas of opportunity complemented with supportive policy interventions, that is leading to increase in uptake. PM Surya Ghar: Muft Bijli Yojana, which was launched in early 2024 to solarise residential establishments, has witnessed a ten-fold increase in monthly installations in a span of one year.
Similarly, the National Green Hydrogen Mission with many support schemes, is witnessing back-to-back successful auctions and encouraging interest from public and private sector. The energy storage segment, in both pumped and battery spaces, continues to attract utilities as well as corporate consumers who want firm renewable power.
Offshore wind is perhaps the only area where development has not taken off as expected. The tenders issued last year have not yet resulted in allocation of any capacity. While supply chain disruptions in the offshore wind space hit projects globally, these issues have been now been mostly overcome, with new offshore wind projects being announced across the world. However, this year could be the turning point for the Indian offshore wind segment, provided enabling regulatory support is provided.
Net, net 2025 is set to be a year of vast opportunities, both in well-established as well as emerging segments.
