India’s renewable tenders hit 70 GW

India has accepted bids to set up 69.8 GW of renewable energy capacity, far surpassing its annual bidding target of 50 GW in fiscal 2024. Activity surged due to large-scale potential for market growth, central government support, and higher operating margins.

Image: Ampin Energy Transition

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From pv magazine India

Renewable energy tender issuances in India crossed a record 69 GW in fiscal 2024 due to a strong push by the central government, according to a new joint report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research and Analytics.

The report said that tenders issued for utility-scale renewable energy projects in fiscal 2024 were much higher than the government’s ambitious target of 50 GW.

“After a slump from 2019 to 2022 due to supply-chain issues and global price spikes brought on by the Covid-19 pandemic and Russia’s invasion of Ukraine, the market has rebounded and gone from strength to strength,” says the report’s contributing author, Vibhuti Garg, director for South Asia at IEEFA. “There is strong investor interest in the Indian utility-scale renewable energy market. The primary reasons are the large-scale potential for market growth, central government support in terms of targets and regulatory frameworks, and higher operating margins.”

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