India to reach 144GW of renewable energy capacity by 2022: IEEFA report

The Institute for Energy Economics and Financial Analysis (IEEFA) has forecasted that Indian will reach 144GW of renewable energy capacity by FY2021-22, putting the country on track to exceed its 275GW target by 2027.

The research, titled ‘India’s electricity sector transition still on track despite a weak FY2018-19’, projects capacity additions through 2021-22 based on auction and tender activities during the past 18 months.

India exited the year 2018-19 with 22.5GW of renewable capacity auctions awarded but yet to be built and another 37GW under various stages of tendering and bidding.

IEEFA also said the period was a ‘sluggish’ one for the Indian renewables sector, in terms of new capacity additions. New on-grid capacity additions in renewable energy stood at 8.6GW, a 40% drop from the peak renewable energy installed in 2016-17.

However, Tim Buckley, co-author of the briefing note and IEEFA’s director of energy finance studies, viewed FY2018-19 as a ‘blip’ for the industry, and expressed confidence that the long-term technology and price-based fundamentals of renewable energy will continue their upward trajectory.