The Unabated Growth in India’s Renewable Energy Sector

The growth in India’s renewable energy sector continues unabated with significant forward action on capacity addition and launch of fresh tenders for setting up projects by utilities. “From January to October 2023, about 8.7 GW of solar capacity and 2.36 GW of wind capacity were added in the country, taking the cumulative RE capacity to 132.13 GW. In October 2023, a combined total of 345 MW of solar and wind capacity was added,” according to JMK Research & Analytics. In terms of state wise solar and wind installed capacity in October 2023, Tamil Nadu installed the maximum solar power capacity of 82 MW followed by Maharashtra (61 MW) in October 2023. Gujarat added the maximum wind energy capacity of 77 MW in December 2023.

During November 2023, the Indian Energy Exchange (IEX) traded a total of 10.3 MUs in Green Term Ahead Market (GTAM), which is 1.29 times higher than the volume traded in October 2023. The average trade price in IEX-GTAM for November 2023 was Rs 6.2 per kWh, around 26 per cent less than the previous month’s price.


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