To achieve the target of 500 GW non-fossil fuel capacity, the government has adopted a multifaceted strategy. Apart from rapid RE capacity addition, this includes streamlining the supply chain, bringing in hybrid and storage solutions, and strengthening the domestic production of raw materials.
However, even as meeting peak demand looks a lot easier, grid integration of RE emerged as a critical challenge, with variable generation exceeding 30% in several states, necessitating sophisticated grid management systems and enhanced forecasting capabilities. Also, the debt of electricity discoms is still on the rise.
Major capacity additions were bolstered by solar power projects which stood at 94.17 GW as of November, data from the Central Electricity Authority showed.
"2024 marked a transformative phase for India's power and renewable energy sector, achieving 125 GW in renewable capacity, with solar exceeding 60 GW and wind reaching 45 GW," said Sanjay Gupta, CEO, Apollo Green Energy. "What's particularly significant in this year is the sector's evolution in grid integration capabilities—the successful deployment of hybrid renewable systems with advanced storage solutions has helped achieve grid frequency stability in the 49.90-50.05 Hz range, a critical technical milestone," he said.
The distributed energy segment also added 8 GW in rooftop solar with the rising efficiency standards. New installations achieved 21-23% module efficiency compared to the earlier 15-17%, as per industry experts. Battery storage integration has seen costs drop to around $100/kWh, making round-the-clock RE power increasingly viable, Gupta highlighted.
"By 2025, the country plans to develop 50 solar parks, with a cumulative capacity of approximately 38 GW. This ambitious objective is further supported by initiatives such as the Production Linked Incentive (PLI) scheme and the solar park scheme," said Abhay Adya, Business Head-Renewables, ZETWERK.
This story is from the December 26, 2024 edition of Financial Express Kochi.
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This story is from the December 26, 2024 edition of Financial Express Kochi.
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