Govt to drift RE quotes of 50 GW capability each year till FY28

The Ministry of New and Renewable Resource (MNRE) will drift quotes for 50 GW of renewable resource (RE) capability, consisting of 10 GW of wind energy, each year till FY28.

Recently, the Ministry launched the federal government’s bidding trajectory for RE tasks. Since February 2023, India’s overall set up RE capability is 168.96 GW, consisting of 64.38 GW of solar, 51.79 GW hydro, 42.02 GW wind and 10.77 GW bio-power. Another 82.62 GW is under execution, while 40.89 GW is under the tendering procedure.

Learn More: India requires $540 bn financial investment by 2029 to fulfill sustainable targets: S&P Global Rankings

” Quotes for RE capability of 50 GW per year, with a minimum of 10 GW per year of wind energy capability, are to be provided each year from FY24 to FY 28,” MNRE stated in a regulation.

Throughout FY24, the Ministry will provide quotes for 15 GW capability each throughout April-June and July-September quarters, while for the staying 2 quarters quotes of 10 GW each will be drifted, it included.

Read likewise: SECI drifts quote for establishing 2,000 MW solar energy job

The quotes might include plain-vanilla solar and wind, and solar-wind hybrid, day-and-night (RTC) power, and so on with or without storage, or any other mix, based upon the evaluation of the RE market or based on federal government instructions, it stated.

The year-wise targeted quote capability would be assigned amongst the Implementing companies by the federal government, it included.

The quotes are to be drifted in accordance with appropriate basic bidding standards provided by the federal government and abiding with MNRE’s suggestions in relation with tenders for RE tasks.

The reasoning behind the workout is to fulfill India’s dedication to attain about 50 percent cumulative electrical power set up capability from non-fossil fuel-based energy resources by 2030, and a decrease of the emissions Strength of the GDP by 45 percent as versus 2005 levels by 2030.

India likewise wishes to have 500 GW of set up electrical energy capability from non-fossil fuel sources by 2030.

Likewise checked out: Solar PV producing capability of 8.7 GW set to be functional by 2024

According to a research study by Avendus Capital and Clean Energy Pipeline, the Indian energy shift landscape is anticipated to go through a total change over this years with financial investments in numerous emerging services that are working towards decarbonisation of the economy. The sector offers around $25 billion yearly financial investment chance for financiers.


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