India’s Green Energy Revolution: Capacity Triples, Eyes 500 GW by 2030
India is making waves in the renewable energy sector, experiencing a remarkable surge in green energy capacity over the past decade. Installed capacity has soared to 232 GW, a threefold increase from 75.52 GW in March 2014. This impressive growth positions India as a global leader in clean energy.
Solar Power: Driving the Transformation
Solar energy has been a major driving force behind this transformation. Capacity has exploded from a mere 2.82 GW in 2014 to over 108 GW in 2024. Wind energy has also more than doubled, rising from 21 GW to 51 GW over the same period. Large hydro power plants have also contributed to this increase.
Falling solar tariffs have made solar energy significantly more affordable. In just a decade, tariffs have dropped by 80%, with current rates as low as Rs 10.95 per unit at Neemuch. This affordability is driving widespread adoption of solar power.
Manufacturing Growth
India’s solar manufacturing capabilities have also expanded dramatically. In 2014, the solar module production capacity stood at a modest 2 GW. By 2024, it has jumped to 90 GW, with projections estimating 150 GW by 2030. Solar cell production now stands at 25 GW, and wafer production at 2 GW—a significant leap from negligible levels a decade ago. The government aims to reach solar cell and wafer capacities of 100 GW and 40 GW, respectively, by 2030, with fully integrated production capacity expected to reach 24 GW.
Biopower capacity has also seen steady growth, increasing by 42 percent from 8.1 GW in 2014 to 11.5 GW in 2024. The compressed biogas sector, once limited to a single project with an 8 tonnes per day (TPD) capacity, now boasts 150 projects with a combined capacity of 1,211 TPD.
Rooftop Solar Gains Momentum
India’s rooftop solar segment has seen significant progress thanks to the PM-Surya Ghar Muft Bijli Yojana. This initiative has supported 13.3 lakh households, with approximately 12 lakh installations completed in just ten months.
India’s Ambitious 2030 Target
India added 25 GW of renewable energy capacity in 2024 alone, marking a 34.63% rise from the previous year’s 18.57 GW. To meet its ambitious target of 500 GW of renewable energy capacity by 2030, the country needs to continue adding around 50 GW annually.
To support this vision, four renewable energy implementing agencies have issued tenders for approximately 44 GW for the fiscal year 2024–25.
As of April 2024, India has become the world’s third-largest producer of electricity from wind and solar energy, surpassing Germany and solidifying its position as a key player in the global clean energy transition.
