According to ICRA's data, India's renewable energy installed capacity is expected to increase from 132GW in October 2023 to approximately 170GW by March 2025. Among these, solar energy will account for the highest proportion of the new installed capacity, with the solar capacity expected to increase from 72GW in October 2023 to 104GW by March 2025. The estimated additional solar capacity for the fiscal years 2024 and 2025 are 17GW and 20GW, respectively.
ICRA stated that the renewable energy installed capacity is expected to further increase after March 2025, as the bidding volume for the current fiscal year has significantly increased with project capacities exceeding 16GW (including 11.2GW of solar energy), and it is expected that the central nodal agencies' bidding will provide an additional 17GW. This is in line with the Indian government's annual bidding plan of 50GW announced in March 2023.
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