The Government has revised its target of renewable energy capacity to 175 GW by end of 2022, making it the largest expansion in the world and providing plenty of opportunities for investors.
The UN Environment Program’s (UNEP) ‘Global Trends in Renewable Energy Investment 2016’ report ranks India among the top ten countries in the world investing in renewable energy. The Government is also committed to Clean Energy and is driving efforts to achieve 40% power installed capacity from non-fossil-fuel-based energy resources and reducing emissions by 33- 35% of its GDP by 2030.
The New & Renewable Energy sector has witnessed the highest ever-solar power and wind power capacity addition over the last two years since April 2014.
Department of Industrial Policy and Promotion Key achievements in the sector during the last 2 years are:
- The world’s largest 648-MW solar power plant was commissioned in Tamil Nadu on September 21, 2016.
- A 157% increase in solar power capacity addition (4132 MW) during the last two years (FY2014-15 & FY 2015-16).
- Highest ever wind power capacity addition of 3300 MW in 2015-16.
- 34 solar parks of aggregate capacity of 20,000 MW have been sanctioned for 21 states. INR 356.63 crores has been released to Solar Energy Corporation of India for the projects.
- 31,472 solar water pumps were installed in 2015-16; this is higher than total number of pumps installed during the last 24 years since 1991.
- 501 MW grid connected solar rooftop projects have been installed in the country.