A Fitch Group Company BMI Research has said India might add 20 per cent more renewable capacity by 2026 than its previous forecast.
BMI Research has attributed the upward revision to higher than expected capacity addition in solar and successful wind auctions.
“Higher than expected solar installation rates and the successful implementation of wind energy auctions in the country have led us to upwardly revise our renewable energy capacity forecasts for India,” BMI Research said in a statement.
“We now expect non-hydro renewables capacity to total 155 GW in 2026, up from a previous forecast of 130 GW. We have long-highlighted the Indian renewables market as a global outperformer in terms of installed capacity and growth rates,” it added.
The report said its bullish view is underpinned by Prime Minister Narendra Modi’s strong support for renewable energy, including the ambitious targets adopted for sector growth and the policies implemented to encourage developers into the market.
“We expect non-hydro renewables capacity to grow by an annual average of 12.7 per cent between 2017 and 2026, totaling 155 GW in 2026. This compares to our previous forecast of just under 130 GW by 2026,” it added.
The research outfit said, “The progress registered with the auctions, as well as the record high levels of wind installations during 2016-2017 (5.4 GW of wind capacity was added) has led us to upwardly revise our wind power forecasts.”
The BMI Research expects wind capacity to total 35.5 GW by end 2017, up from its previous estimate of just over 31 GW. It forecasts the Indian wind capacity will reach 68 GW by 2026, higher than its previous projection of nearly 54 GW.
According to revised forecasts, solar capacity will reach 19.2 GW by end 2017 and 71.5 GW by 2026, higher than 17 GW and 64.7 GW forecast previously.
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