India RE open access capacity climbs by 1.9GW in 2022: report
The market size is estimated to have grown to 10GW in 2022.
India’s renewable energy open access capacity grew by 1.9 gigawatts (GW) to approximately 10GW in 2022, a report found.
The Institute for Energy Economics and Financial Analysis (IEEFA) reported that this grew from only 300 megawatts in 2009 and about two-thirds of the total 10GW came online in the last five years.
“The growth of the open access market in India depends on policies and the regulatory environment at both the central and state level. Last year saw some positive developments in terms of regulations even as a few hurdles persist,” Vibhuti Garg, Energy Economist and Lead India, IEEFA, said.
“The Green OA Policy, issued in June 2022, has the potential to completely reform the renewable energy OA market landscape.”
Garg noted the IEEFA expects the open access market will continue to grow and will likely contribute largely to India’s 450GW renewable energy target by 2030.
“Increasing awareness and demand from commercial & industrial (C&I) customers were key drivers of growth. Falling costs of clean power and the decarbonisation goals of C&I consumers have helped in increasing the uptake of renewable energy OA power,” Jyoti Gulia, Founder, JMK Research said.