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India Added 15 GW New Solar PV Capacity in FY 2023-24

published: 2024-04-16 15:47

By the end of March 2024, India's solar capacity had surpassed 81 GW. A PepsiCo franchisee has pledged to invest in solar energy, while the BJP has committed to continuing the expansion of solar energy in its election manifesto. Additionally, SJVN's SGEL has entered a joint venture with APDCL, and Ahasolar has secured the BPCL PV project.

India's solar energy capacity expansion continues to make strides, with the Ministry of New and Renewable Energy (MNRE) reporting the installation of over 18.48 GW of new renewable energy capacity during the fiscal year 2023-24, marking a remarkable 21% annual growth. Specifically, the solar power capacity in India grew by 15.03 GW during the period from April 1, 2023, to March 31, 2024, signifying a 17% annual increase compared to the 12.78 GW reported in the previous fiscal year 2022-23. CRISIL had previously projected the addition of 16 GW of new utility-scale solar capacity in FY 2023 due to a decline in module prices. Mercom India also reported that India added 7.5 GW of solar capacity during the calendar year 2023.

As of March 2024, India's total installed solar PV capacity had reached 81.81 GW, consisting of 64.41 GW in ground-mounted installations, 11.87 GW in grid-connected solar rooftops, 2.57 GW as part of hybrid projects, and 2.96 GW in off-grid solar installations. The state of Rajasthan leads the way with over 21.3 GW of PV capacity, followed by 13.5 GW in Gujarat, and 8.54 GW in Karnataka. India's overall installed renewable energy capacity, not including large hydro projects, amounted to 143.64 GW.

Beverages Company's Solar Investment: Varun Beverages Limited (VBL), one of the largest PepsiCo franchisees globally outside the US, has received board approval to invest in solar energy. It plans to invest up to 14% of the equity share capital in two special purpose vehicles (SPV), Huoban Energy 11 Private Limited and Aspirative Creative Ventures Private Limited. These SPVs will supply solar power to consumers in Maharashtra and Uttar Pradesh, with Huoban supplying solar power to VBL's facility in Dhule district, Maharashtra, and Aspirative powering the company's facility in Gorakhpur, Uttar Pradesh. VBL aims to reduce its power costs through solar power procurement.

BJP's Energy Security Promise: The ruling political party, Bhartiya Janata Party (BJP), led by Prime Minister Narendra Modi, has pledged to achieve energy independence for India by 2047, coinciding with the country's 100th year of independence from British rule. In its 2024 election manifesto, the party promises to implement the PM Surya Ghar Muft Bijli Yojana rooftop solar scheme nationwide to power devices such as electric stoves, fans, ACs, TVs, and enable electric vehicle (EV) charging using solar energy. If re-elected, the BJP plans to accelerate India's renewable energy transition, targeting 500 GW of renewable energy through mega solar parks, wind parks, and Green Energy Corridor projects. Additionally, it aims to establish a Centre of Excellence for clean energy technologies and position India as a Global Manufacturing Hub for wind, solar, green hydrogen, and scale up bio-energy manufacturing facilities. The manifesto also outlines plans to reduce petroleum imports through renewable energy production, electric mobility, charging station networks, and improved energy efficiency, while also emphasizing growth in green hydrogen, battery energy storage system infrastructure (BESS), and nuclear energy expansion.

SJVN's Joint Venture in Assam: SJVN Green Energy Limited (SGEL), the green energy arm of SJVN Limited, has entered into a joint venture cum shareholders agreement with the Assam Power Distribution Company Limited (APDCL) to develop renewable energy projects and parks within their command area across the country. The SGEL and APDCL JV will have a 51:49 shareholding, respectively.

52 MW AC Solar Contract: Ahasolar Technologies Limited, an Indian solar energy company, has secured a contract to construct a 71 MW DC/52 MW AC solar plant for Bharat Petroleum Corporation Limited (BPCL) in Prayagraj, Uttar Pradesh. The company is tasked with executing the project within 10 months.

Source: Taiyang news

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