India's renewable energy capacity triples in a decade, reaches 232 GW; eyes 500 GW by 2030

India’s renewable energy sector has seen remarkable growth over the past decade, with installed green energy capacity surging to 232 GW from 75.52 GW in March 2014, .

This threefold increase signifies the country's emergence as a global leader in clean energy. Notably, solar power has driven much of this transformation. Solar energy capacity has grown exponentially from just 2.82 GW in 2014 to over 108 GW in 2024. Wind energy capacity has also more than doubled, rising from 21 GW to 51 GW over the same period. Large hydro power plants also contributed to this growth.

Tariffs for solar power have dropped by 80 per cent over the decade, with current rates as low as Rs 10.95 per unit at Neemuch, significantly boosting affordability and adoption.

India’s solar manufacturing capabilities have similarly expanded. In 2014, solar module production capacity stood at a modest 2 GW. By 2024, this has jumped to 90 GW, with projections estimating 150 GW by 2030. Solar cell production now stands at 25 GW, and wafer production at 2 GW—up from negligible levels a decade ago. The government targets solar cell and wafer capacities of 100 GW and 40 GW, respectively, by 2030, with fully integrated production capacity expected to reach 24 GW.

Biopower capacity has also seen steady growth, increasing by 42 per cent from 8.1 GW in 2014 to 11.5 GW in 2024. The compressed biogas sector, once limited to a single project with an 8 tonnes per day (TPD) capacity, now boasts 150 projects with a combined capacity of 1,211 TPD.

In the rooftop solar segment, the PM-Surya Ghar Muft Bijli Yojana has made a substantial impact, supporting 13.3 lakh households. Of these, approximately 12 lakh installations have been completed in just ten months.

India added 25 GW of renewable energy capacity in 2024 alone, marking a 34.63 per cent rise from the previous year's 18.57 GW. To meet its ambitious target of 500 GW of renewable energy capacity by 2030, the country must continue adding around 50 GW annually.

In line with these goals, four renewable energy implementing agencies have issued tenders for approximately 44 GW for the fiscal year 2024–25.

As of April 2024, India has become the world’s third-largest producer of electricity from wind and solar energy, surpassing Germany and consolidating its position as a key player in the global clean energy transition.