India has added a record renewable energy capacity of 18.48 gw in 2023-24, which is over 21 per cent higher than 15.27 gw a year ago, according to the latest data of the Ministry of New and Renewable Energy.

However, industry experts point out that there is a need to add at least 50 gw of renewable energy capacity annually for the next six years to meet the ambitious target of 500 gw of renewables by 2030.

According to the data, India’s installed renewable energy capacity is 143.64 gw as of March 31, 2024, excluding 47 gw of large hydropower capacity (each plant is more than 25 gw or above).

They add that renewable energy capacity sands at around 190 gw, including large hydro projects, and therefore, India needs to add 310 gw in the next six years or at an average of 50 gw per annum.

Union Power and Renewable Energy Minister R K Singh, in a recent interview with the PTI, had said: “You see, my installed capacity of RE (renewable energy) is about 190 gw, I have 103 gw under construction, that makes it 290 gw. I have 72 gw under bids, so I am already at about 360 gw. I will reach it (target of renewable energy capacity of 500 gw by 2030) before time as I reach all my targets.”

The data shows that solar installations of 12.78 gw leads the renewable energy capacity addition of 15.27 gw in 2023-24, followed by 2.27 gw of wind energy.

Among the renewable energy capacity, the total solar installed capacity tops the chart at 81.81gw, followed by about 46 gw of wind energy, 9.43 gw of biomass cogeneration and 5 gw of small hydro (up to 25 mw capacity each).