ICRA forecasts India’s renewable capacity to hit 170 GW by March 2025, a rise from 132 GW in October 2023. The growth is also fuelled by strong tendering activity, with over 16 GW projects bid and 17 GW underway, in line with the government’s 50 GW annual trajectory. Declining solar prices enhance financial viability. Policy measures, such as ALMM order abeyance and timeline extensions, drive capacity growth.
ICRA predicts explosive growth in India’s renewable energy capacity
Improved payment discipline from state distribution utilities enhances the outlook for renewable energy IPPs. Illustration from ICRA.
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