Indian analysts predict 16 GW of new solar in fiscal 2024, 2025

CRISIL Ratings says that it expects about 20 GW of new renewable energy capacity in India in fiscal 2024 and fiscal 2025, with roughly 16 GW of solar and the remainder from wind in the current 12-month period, up 33% from the 15 GW installed in fiscal 2023.

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From pv magazine India

India will add 20 GW of annual renewables capacity in both fiscal 2024 and fiscal 2025. This is 33% more than the 15 GW per annum installed in the previous two fiscal years, according to CRISIL Ratings. Around 16 GW of the 20 GW total in the current fiscal period will be solar capacity.  

The analysts stated that the robust pace of implementing renewable energy projects during the current and upcoming fiscal years will be supported by a substantial project pipeline, amounting to 50 GW (86% solar and 14% wind) as of June 2023.

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Several driving factors contribute to this, including the resolution of the Great Indian Bustard (GIB) issue, the deferral of the requirement to procure modules from the Approved Models and Manufacturers (ALMM) list, declining PV module prices, and simplified access to both debt and equity capital.

Renewable energy growth is anticipated to be upheld over the medium term, facilitated by favorable policies, substantial investor interest, and sound financial profiles. These factors will contribute to the stable credit quality of companies operating within the renewable energy sector, as observed within the CRISIL Ratings portfolio.

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