India To Have 122GW Installed Wind Capacity By 2032: GWEC Report

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India is expected to more than double its onshore wind and solar PV capacity by 2028 and achieve its milestone of 50% non-fossil fuel generation before 2030, according to the Global Wind Report by the Global Wind Energy Council. As far as wind energy is concerned, the GWEC report shed light on the country’s wind capacity stating that as per the National Electricity Plan of the central government for the period ending 2032, India’s installed wind capacity is estimated to amount to around 73 GW in 2026-2027 and 122 GW in 2031-2032.

Globally, India ranks fourth in total wind installations, with 45 GW of installed onshore wind as of January 2024. It is the second-largest wind market in the Asia Pacific region after China. In 2023, due to a range of policy and institutional interventions by central and state governments, over 2.8 GW onshore wind capacity was commissioned – the highest annual installation level since 2017, stated the GWR report.

GWEC expects continued recovery and has revised its onshore wind outlook for 2024-2028 to 22.8 GW. Concluded wind and hybrid tenders affirm that there is a pipeline of more than 13 GW of wind projects in India, as of September 2023.

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However, despite positive policy and regulatory momentum, the current onshore wind forecast through the end of the decade still leaves a sizeable gap between wind market growth and the government’s 140 GW target of installed capacity by 2030. A few challenges continue to deter progress on onshore wind, including state-level issues for right of way, PPA sanctity, and delayed payments, as well as land allocation. The industry is also experiencing increased turbine prices due to commodity price inflation and higher cost of financing.

Delving into offshore wind energy, the report further stated that there is intense interest among PSUs to forge partnerships and JVs, for example between ONGC and NGEL, L&T and Navantia, NGEL and Gujarat Pipavav Port as well as Stiesdal and L&T for floating wind and an energy island. The Asian Development Bank (ADB) and World Bank are reportedly exploring low-cost financing for offshore wind in India too. To achieve offshore wind installation progress, India needs to address key market barriers such as readiness of ports and grid infrastructure, availability of vessels, supply chain or import strategy, assurance for offtake, streamlined permitting and clearances, community partnership, and the availability of a local skilled workforce.

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