India misses 2022 renewable capacity target
But the solar sector posted a sharp increase of 12.8GW during the period.
India failed to meet its renewable capacity target of 175 gigawatts (GW) for 2022 but its non-hydropower renewables expansion hit the largest capacity it recorded at 16GW, led by the solar PV sector.
In a report, Fitch Solutions said the solar PV sector posted a sharp increase of 12.8GW, ar around 80% of all non-hydropower capacity growth last year.
Fitch also expects the solar sector to more than double from 62.2GW in end-2022 to 165.9GW in 2032, increasing by 10.3% annually on the back of various support schemes.
These schemes include the Ministry of New and Renewable Energy’s rooftop solar programme which was extended to March 2026 from December 2022, and the legislation of the Energy Conservation (Amendment) Bill 2022 which enables the government to require consumers to use non-fossil fuel electricity.
“We believe this will spur consumers to start exploring solutions for producing renewable electricity for their consumption, mainly installing rooftop solar panels, as India’s national grid is still heavily dominated by fossil fuels at 77% as of end-2022,” the report read.