India’s renewable energy capacity will more than double by 2022, which would be enough to overtake renewable expansion in the European Union for the first time, International Energy Agency (IEA) said in a report.
The country’s renewable energy installed capacity is 58.30 GW as per the recent government data. The government has an ambitious target of raising it to 175 GW by 2022 including 100 GW of solar and 60 GW of wind energy.“By 2022, India’s renewable capacity will more than double. This growth is enough to overtake renewable expansion in the European Union for the first time,” IEA said in its latest renewables market analysis and forecast.
IEA said the solar PV and wind together represent 90 per cent of India’s capacity growth as auctions yielded some of the world’s lowest prices for both technologies. Earlier this year, the solar and wind power tariffs dropped to all time low of Rs 2.44 per unit and Rs 3.46 per unit in tariff based competitive bidding conducted by Solar Energy Corporation of India (SECI). IEA said India’s move to address the financial health of its utilities and tackle grid-integration issues drive a more optimistic forecast.