Centre to bid out renewable energy projects of 50GW capacity every year till FY28
1 min read . Updated: 03 Apr 2023, 07:47 PM IST
Premium- In the current fiscal, govt renewable energy implementing agencies would bid out at least 15 GW renewable energy capacity in the first and second quarter each
NEW DELHI : The union government will issue tenders for 50 GW of renewable energy capacity annually till FY28.
Cumulatively, from FY24 to FY28, India plans to bid out projects worth 250 GW renewable energy capacity till FY28.
In the current fiscal, government renewable energy implementing agencies would bid out at least 15 GW renewable energy capacity in the first (April-June) and second quarter (July-September) each. During the quarters ending December and March of FY24.
An office memorandum released by the union ministry of new and renewable energy said that the bids may consist of “vanilla solar, vanilla wind, solar-wind hybrid, round-the-clock (RTC) renewable energy power, etc with or without storage, or any other com bination, based on the assessment of renewable energy market or as per the directions of government".
As of February 28, India’s renewable energy installed capacity stood at 168.96 GW with 82.62 GW under implementation and 40.89 GW under the tendering process.
The move comes in the backdrop of the Centre’s commitment to achieve about 50% cumlative electric power installed capacity from non-fossil fuel-based energy resouces by 2030, and a reduction of the emissions intensity of our GDP by 45% as against 2005 levels by 2030.
By 2070, India aims to achieve net zero carbon emission.
In these lines, government is also working to develop ecosystems for green hydrogen and carbon capture. Earlier this year, the union cabinet approved the National Green Hydrogen Mission with a target to produce 5 million tonne of green hydrogen by 2030.
Recently, the government also came up with a draft carbon credit trading scheme to boost carbon markets in the country.