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India’s Renewable Energy Capacity Surpasses 209 GW Achieving 16% Growth in 2024

Key Facts:

India is the world’s 3rd largest consumer of electricity and the world’s 3rd largest renewable energy producer with 46.3% of energy capacity installed as of October 2024 (203.18 GW of 452.69 GW) coming from renewable sources.

The India Renewables Energy market industry is projected to grow to USD 46.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.77% during the forecast period (2023 – 2032).

Prime Highlights:

India’s renewable energy capacity increased by 16% to nearly 210 GW by December 2024.

Solar power leads the growth, contributing 24.54 GW in 2024, a 33.47% year-on-year increase.

Wind energy capacity rises by 7.64%, reaching 48.16 GW.

Key Background:

India’s renewable energy installed capacity has reached a significant milestone of 209.44 GW by December 2024, marking a 15.84% increase from the previous year. This represents a notable achievement in the country’s efforts to expand its clean energy sector. According to an official statement from the Ministry of New and Renewable Energy (MNRE), the total renewable capacity added in 2024 was 28.64 GW, more than doubling the 13.05 GW added in 2023.

Solar energy led the charge, with a substantial 24.54 GW addition, resulting in a 33.47% year-on-year increase in its cumulative installed capacity, which now stands at 97.86 GW. This marks a key contribution to the overall renewable energy expansion. Wind power also made significant strides, with an additional 3.42 GW installed, bringing the total wind energy capacity to 48.16 GW, reflecting a 7.64% increase from 2023.

Bioenergy, which includes biomass and biogas, saw a modest rise from 10.84 GW in December 2023 to 11.35 GW in December 2024. Additionally, small hydro power projects experienced incremental growth, with installed capacity rising from 4.99 GW to 5.10 GW during the same period.

The impressive growth in India’s renewable energy capacity is in line with the country’s ambitious renewable energy targets, under the leadership of Union Minister of New and Renewable Energy, Pralhad Joshi. These advancements are also contributing to Prime Minister Narendra Modi’s vision of achieving 500 GW of renewable energy by 2030. With this momentum, India is solidifying its position as a global leader in renewable energy, while advancing toward a sustainable energy future in alignment with its climate commitments.