India needs to add more than 30 GW of solar power per year to meet the 293 GW solar target in its optimal energy mix by 2029-2030. The country had installed 68 GW of solar capacity by 31 May 2023.
India needs to add 32 GW of solar capacity per year to meet the target share of its revised optimal energy mix for FY 2029-30. A new report from SBICAPS.
According to the revised optimal energy mix prepared by the Central Electricity Authority, India’s installed power generation capacity will increase to 777 GW by 2029-30, with solar accounting for 293 GW.
According to the report, India’s solar capacity had reached 68 GW as on May 31, 2023 and about 12.8 GW added in FY 2022-23.
“The National Electricity Plan (NEP) projects energy demand in India to grow by 7% annually from 2021-22 to 2026-27,” the report states. “To achieve this in a clean way, the revised version of the optimal energy mix increases the role of solar energy… We estimate that the rate of solar addition will need to almost double to over 30 GW per year to meet this target… that means there will be more than 93 GW of addition provided up to the 2021-22 financial year. Currently, 130 GW to 140 GW is planned to be added during FY 2023-24 to FY 2027-28.”