'Apraava has been one of the pioneers of the wind energy'

Naveen Munjal, Director – Business Development and Commercial, Apraava Energy, gives insights on trends, government support, and growth

- Naveen Munjal

What are the prevailing trends in renewable energy segment? How do government policies support the segment?

The renewable energy (RE) segment is making good progress towards the goal of 500 GW installed capacity by 2030. In 2024, so far, bids of ~64 GW have been announced and capacity of 18 GW has been installed. Today, India's total RE capacity has crossed the 200-GW mark, which is probably the fourth-highest in the world.

India has already achieved its previous Nationally Determined Contributions (NDC) targets and is on track to achieve the revised targets for 2030. These include a 45% reduction in emission intensity, 50% share of RE in total installed capacity, and three billion tonnes of additional carbon sink.

The Central Government is taking significant steps to support 'Make in India' efforts in the sector. The trend is shifting from importing solar panels to manufacturing them in India, although cells continue to be imported to a large extent. India's solar panel manufacturing capacity has increased to ~64 GW. Cell capacity, too, is increasing and probably with the Approved List of Models and Manufacturers (ALMM) requirement on the cells, it will get a further boost. In August 2023, the government also announced a combined target of around 60 GW/336 GWh for battery storage and pumped hydro storage solutions under the National Energy Storage Framework.

The shift from pure RE to RE-plus-storage is also evident in the way new tenders have been announced. The government has announced tenders of different types (including standalone Battery Energy Storage System (BESS); Solar + BESS; Solar + Wind + BESS) and this is going to be the way forward. The tariff is in the very attractive range of Rs 3.4-4.3/kWh, depending on the combination used and the Plant Load Factor (PLF). Storage is fast becoming an important part of the grid.