ICRA
According to ICRA, the country’s renewable energy capacity increase is expected to reach 16 GW in the coming fiscal year, thanks to a solid pipeline of 55 GW clean energy projects. It predicts RE capacity additions to rise from 7.4 GW in FY2021 to 12.5 GW in FY2022 and 16 GW in FY2023, up from 7.4 GW in FY2021. The first eight months of FY’2022 (April to November 2021) saw a significant increase in capacity addition, with 8.2 GW added compared to 3.4 GW contributed the previous year. The solar segment would lead the way in terms of renewable energy capacity additions, followed by the wind and hybrid categories. The investment required to achieve the non-fossil capacity objective of 500 GW by FY2030, according to Vikram V, Vice President & Sector Head – Corporate Ratings at ICRA, is close to USD 300 billion. The execution headwinds and supply chain challenges for acquiring solar modules and wind turbine generators are the near-term adverse risks for the renewable energy sector.
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Note: The above-mentioned project news is taken from ProjectX India | 15th January 2022 edition. Click here to buy this issue.