India plans to achieve 500 GW of installed renewable capacity by 2030 by adding 250 GW of renewable energy capacity in the next five years, the Ministry of New and Renewable Energy (MNRE) said on April 5.
The government has invited bids for 50 GW per year of renewable energy capacity from the April 2023-March 2024 fiscal year until 2027-28, considering that a renewable energy project takes around 18-24 months for commissioning.
India's power ministry is already working on upgrading and adding transmission system capacity for evacuating 500 GW of electricity from non-fossil fuels.
"The structured bidding trajectory will provide sufficient time to the RE [renewable energy] developers to plan their finances, develop their business plans and manage the supply chain more efficiently," power and renewable energy minister RK Singh said.