India to add 2 GW of hybrid wind-solar, 16 GW of PV in 2023 – pv magazine International

ICRA tasks a rebound in renewable vitality capability additions in India, with expectations of 20 GW in fiscal 2024 in comparison with 15 GW in fiscal 2023. This consists of 16 GW from photo voltaic, 2 GW from wind, and a a further 2 GW from hybrid tasks.

The extension given by the Ministry of Energy till March 2024 for photo voltaic and hybrid tasks, rest of the ALMM requirement, and up to date moderation of photo voltaic PV cell and module costs are anticipated to extend capability right this moment. monetary 12 months, in keeping with ICRA.

Vikram V, vp and head of sector – company scores at ICRA, stated the slowdown in bidding exercise within the solar energy section in fiscal 2023 was as a result of excessive module costs, ALMM challenges, and duties on imported modules. Whereas there may be visibility for renewable vitality capability additions within the close to time period, vital tendering exercise is required to fulfill renewable buy obligation (RPO) targets.

Regardless of implementation dangers and enter price pressures, ICRA maintains a “steady” outlook for the renewable vitality sector, pushed by robust coverage assist, favorable demand prospects , and aggressive tariffs. The sector has additionally benefited from the conclusion of overdue funds and common invoice funds by golf equipment beneath the Late Cost Surcharge scheme.

In line with JMK Analysis, India is anticipated to put in 16.8 GW of recent photo voltaic capability by 2023, comprising roughly 14 GW of utility-scale tasks and a pair of.8 GW of rooftop tasks. By 2022, India has put in 11.4 GW of utility-scale photo voltaic capability and 1.9 GW of rooftop PV, leading to a complete of 13.3 GW. As of December 31, 2022, India’s cumulative utility-scale photo voltaic capability is estimated at 53.6 GW, with a further 44.6 GW within the pipeline.