58.1 GW of Renewables Added Since 2014, FDI Reaches $6.1 Bn

During the last 6 years, the cumulative renewables installed capacity has grown by about 72 percent to 138.9 GW, receiving USD 6.1 billion in FDI

The Union Minister of Power and New and Renewable Energy RK Singh has said that during the last 6 years, the cumulative renewables installed capacity in the country has grown by about 72 percent from 80.8 gigawatts (GW) to 138.9 GW. And that the clean energy sector in India has received USD 6.1 billion in Foreign Direct Investment (FDI) during that period.

The information was provided by the minister while answering a question raised in the Lok Sabha.

The Minister said, “as part of Intended Nationally Determined Contributions, as per the Paris Climate Agreement, India has undertaken to install about 40 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. During the last 6 years, the cumulative clean energy installed capacity in the country has grown by about 72 percent from 80.8 Gigawatt (GW) to 138.9 GW.”

As per the data provided, the  sector-wise capacity addition and growth during the period (March 31, 2014, to February 29, 2020) is as follows:

I. Renewable Energy (Excluding large hydro above 25 MW) from 35.5 to 86.8, growth of 144%

II. Solar power from 2.6 GW to 34.4 GW, growth of 1208%

III. Wind power from 21.0 GW to 37.7 GW, growth of 79%

IV. Biomass, Small Hydro & Waste to Energy from 11.9 GW to 14.7 GW, growth of 24%

V. Large Hydro from 40.5 GW to 45.4 GW, growth of 12%

VI. Nuclear from 4.8 GW to 6.8 GW, growth of 42%

VII. Total from 80.8 GW to 138.9 GW, growth of 72%

The Minister further added that an additional 62.4 GW clean energy capacity is currently under various stages of implementation and 34.07 GW under various stages of bidding. Globally, India stands 3rd in terms of renewable power, 4th in terms of wind power and 5th in terms of solar power installed capacity.

For the period 2014-2019, clean energy investments in India were about USD 75 billion. Foreign Direct Investment of USD 6.1 billion flowed into the Indian clean energy sector in this period. Most of the clean energy projects, except nuclear power and some large hydro, are set up in the country by the private sector.