Renewable Energy News in India
India’s wind energy sector set to register 50 per cent growth over next five years
India currently has a pipeline of projects of 10.3 GW in both Central and state tenders, which are expected to drive installations until 2023. India, the world’s fourth-largest wind power market, is expected to add nearly 20.2 GW of new wind power capacity between 2021-2025, a growth of 50 per cent compared to the country’s current 39.2 GW installed capacity, according to a recent report.
According to the report titled ‘India Wind Energy Market Outlook 2025’, this is a clear signal that the market is beginning to bounce back after a slow-down in recent years.
“The impact of COVID-19 lockdowns on India’s wind energy market was more severe than anticipated, with only 1.1 GW installed out of the 3.3 GW originally forecasted for 2020,” said the report published by Global Wind Energy Council (GWEC) and MEC Intelligence.
It added that the pace of new installations was likely to double over the next two to three years compared to the average annual installations since 2017 when the market began to slow down.
India currently has a pipeline of projects of 10.3 GW in both Central and state tenders, which are expected to drive installations until 2023.
“The market post-2023 will likely be driven by nearly 10 GW of new capacity awarded to wind projects, mainly through hybrid projects which are becoming increasingly important for the country’s ‘round-the-clock’ power initiative,” the report added.
It said that over the next five years, 90 per cent of new installed wind capacity would come from central tenders, followed by corporate procurements and state markets.
Sidharth Jain, CEO and Founder, MEC Intelligence said that wind would be the central axis of renewable energy portfolios as the country moves from renewable energy making up less than 10 per cent of its energy matrix at present, to more than 30 per cent by the end of this decade.
“We will see higher revenue for electricity generation that matches the buyer’s needs, which means generation of electricity at the time and the quality they need. This is where wind will be critical,” Jain added.
According to Martand Shardul, policy director, GWEC India, in order to drive a post-pandemic green recovery and realise its climate goals, India would need to adopt a more aggressive climate emergency approach and set clear short-term milestones to enable an even more rapid uptake of wind power projects.
News Date: 05-Jun-2021
News Source: https://energy.economictimes.indiatimes.com/news/renewable/indias-wind-energy-sector-set-to-register-50-per-cent-growth-over-next-five-years-report/83231272
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