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

ICRA initiatives a rebound in renewable power 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 an extra 2 GW from hybrid initiatives.

The extension given by the Ministry of Energy till March 2024 for photo voltaic and hybrid initiatives, rest of the ALMM requirement, and up to date moderation of photo voltaic PV cell and module costs are anticipated to extend capability at this time. monetary yr, in response to ICRA.

Vikram V, vice chairman and head of sector – company rankings at ICRA, stated the slowdown in bidding exercise within the solar energy section in fiscal 2023 was on account of excessive module costs, ALMM challenges, and duties on imported modules. Whereas there’s visibility for renewable power capability additions within the close to time period, vital tendering exercise is required to satisfy renewable buy obligation (RPO) targets.

Regardless of implementation dangers and enter price pressures, ICRA maintains a “secure” outlook for the renewable power sector, pushed by sturdy coverage help, favorable demand prospects , and aggressive tariffs. The sector has additionally benefited from the belief of overdue funds and common invoice funds to discos beneath the Late Cost Surcharge scheme.

In accordance with JMK Analysis, India is predicted to put in 16.8 GW of latest photo voltaic capability by 2023, comprising roughly 14 GW of utility-scale initiatives and a couple of.8 GW of rooftop initiatives. 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 an extra 44.6 GW within the pipeline.