50 GW of renewable energy capacity annually for next 5 years to achieve the target of 500 GW by 2030.
SJVN Limited will be inducted into the fleet of Government as Renewable Energy Implementing Agencies (REIAs), according to a release issued by the PIB wing of the Ministry of Power. Shri R. K. Singh last week is in accordance with the Prime Minister’s announcement at COP26, of achieving 500 GW of installed electricity capacity from non-fossil fuel (Renewable Energy + Nuclear) sources by 2030.
The Government has decided to invite bids for 50 GW of renewable energy capacity annually for the next five years i.e., from Financial Year 2023-24 till Financial Year 2027-28. These annual bids of ISTS (Inter-State Transmission) connected renewable energy capacity will also include setting up of wind power capacity of at least 10 GW per annum.
India currently has a total renewable energy capacity of 168.96 GW (as on 28th February 2023) with about 82 GW at various stages of implementation and about 41 GW under tendering stage. This includes 64.38 GW Solar Power, 51.79 GW Hydro Power, 42.02 GW Wind Power and 10.77 GW Bio Power.
Considering the fact that Renewable Energy (RE) projects take around 18-24 months for commissioning, the bid plan will add 250 GW of renewable energy and ensure 500 GW of installed capacity by 2030. The Ministry of Power is already working on upgrading and adding the transmission system capacity for evacuating 500 GW of electricity from non-fossil fuel.
Speaking during the meeting, Shri R. K. Singh, Union Minister for Power & NRE said that the declaration of trajectory of short-term and long-term RE capacity addition by the Government is a significant step towards achieving the goal of 500 GW of non-fossil fuel capacity by 2030 and towards a faster energy transition. “India has emerged as one of the world leaders in Energy Transition and this is evident in the growth that we have achieved in the area of Renewable Energy. We are committed to achieve 500 GW of Target by 2030 and the bidding trajectory will provide a further stimulus towards this. The structured bidding trajectory will provide sufficient time to the RE developers to plan their finances, develop their business plans and manage the supply chain more efficiently This is a golden opportunity of industry to invest in this sector,” Shri Singh said.
This capacity addition is over and above the RE capacities that would come up under schemes like Rooftop solar and PM-KUSUM of the Ministry, under which, bids issued directly by various States & also capacities that may come up under Open Access Rules.
Presently, Solar Energy Corporation of India Ltd. (SECI), NTPC Ltd. and NHPC Ltd., are notified by the Government as Renewable Energy Implementing Agencies (REIAs) for calling such bids. It has been decided to also notify SJVN Ltd, a public sector enterprise under the Government of India, as an REIA.
The targeted bid capacity for FY 2023-24 would be allocated among the four REIAs. The REIAs would be permitted to bring out the bids for solar, wind, solar-wind hybrid, RTC RE power, etc. – all with/without storage, as per their assessment of the RE market or as per directions of the Government
