India’s renewable energy generation capacity is expected to reach 140 Gigawatt (GW) by 2022-23 and solar power would account for around a half of this followed by wind energy with 40 per cent, research and ratings agency CRISIL said in a report.
The government is planning to ramp up the country’s green energy capacity base to 175 GW by 2022 from the current 72 GW. “Continued government thrust, expected drop in levelised cost of energy, and economical tariffs compared with conventional sources are expected to benefit the renewable energy juggernaut,” the report said.
It added that government’s global commitment to reduce carbon emissions and availability of foreign funding at attractive rates would also support the growth of the renewable energy sector.
According to CRISIL, the installed capacity of renewable energy sector has witnessed a Compound Annual Growth Rate (CAGR) of 18.5 per cent between 2013-14 and 2017-18. Read More