When I did the renewable energy status round up the last time around, the chances of accomplishing our targets for FY 2014-15 were grim or say 50-50. (Read the status here) but the latest update show India has managed to surpass the Renewable Energy Targets for a FY for the first time. In fact we have surpassed the targets by over 8%!!
Wind Energy leads the way with a cumulative installation of 23GW. The sector has installed 2312MW against a target of 2000MW. And like in typical case in the sector nearly 50% of the installation came up in the last quarter of the Financial Year (FY). The Indian wind turbine manufacturers association feels an additional 400MW of projects dint take off last year due to delay in signing of PPAs in Maharashtra and Rajasthan.
Solar Power could see an addition of 3000MW this FY with projects worth 1500MW coming up in the states of Andhra Pradesh, Telengana and Karnataka. In addition to these state government policies NTPC and NVVN could come up with another 500MW of projects or more. Madhya Pradesh could add another 750MW and like in the past three years any addition in capacity from Tamil Nadu should be a bonus considering there has been no clear road map for developers ever since the solar policy was announced in 2012. All these developments shall be riding on a good year where 1112MW were commissioned which is slightly higher than the 1100MW target for FY 14-15.
Small Hydro cannot be counted off in assessment of RE targets. They have managed to achieve their target of 250MW for the FY14-15.
All in all the Renewable Energy sector will be buoyant with new policy announcement up to 2022 and a strong performance in the FY 2014-15 which saw 4089MW of large scale renewable energy projects come up against a target of 3770MW.