India to add 68 GW renewable capacity in five years: Bridge to India

India is expected to add 68 gigawatt (GW) of renewable capacity in five years, up marginally from previous year’s estimate of 60 GW, with solar occupying 65 per cent of the share, according to a recent survey.

Gujarat, Maharashtra, and Karnataka emerged as the top three states for overall growth prospects of renewable power projects in the survey.

The India Renewable Power CEO survey was conducted by renewable energy consultancy Bridge to India in which 44 Indian and international companies participated.

It added that grid-scale storage and module manufacturing prospects were rated as lukewarm with expected capacity addition of only 10 GW and 7 GW, respectively, in the next five years.

“The industry is very optimistic about the sector prospects although concerns around discoms’ crippling financial health, increasing offtake risk and policy changes persist. The industry feels that project auctions were irrationally aggressive,” it said.

The survey noted that almost all demand and supply related factors including transmission infrastructure, debt financing and import duties were rated as challenging or extremely challenging.