India remained on course to achieving the target of generating 500 gigawatts (GWs) of renewable energy by 2030 as installed capacity of green energy
crossed the 200 GWs mark in September 2024, according to information released by the Union Ministry of New and Renewable Energy.
By December-end, the final figure for installed capacity for renewable energy stood at 214 GWs—a 14% increase from 181 GWs in 2023. Increasing the share of green energy in the overall energy matrix of India was one of the panchamrit goals
defined by Prime Minister Narendra Modi last year.
To promote the adoption of renewable energy, the government launched the PM Surya Ghar Muft Bijli Yojana (PMSGMBY) on February 13, 2024 with an outlay of Rs 75,021 crore. The scheme targets installation of rooftop solar power generation systems in one crore households, and pro- vision of upto 300 units of free electricity monthly besides offering subsidy ranging from Rs 30,000 to Rs 78,000 per household.
According to the information released by the ministry, seven lakh household systems were installed in 10 months from February 2024 until December-end under the scheme. In effect, 70,000 solar energy generation systems were installed per month in 2024, which is a 10-time increase from 7,000 systems per month before the scheme was launched. In 2024, the govern-ment also issued guidelines for incentives
to DISCOMs, with a financial outlay of Rs 4,950 crore, covering net meter availability and installation facilitation.
The Indian Renewable Energy Development Agency (IREDA) continued its impressive growth trajectory in 2024, achieving its highest-ever annual performance. The agency sanctioned loans worth Rs 37,354 crore and disbursed Rs 25,089 crore, with a record profit after tax of Rs 1,252 crore and a 26.71% growth in its loan book, which reached Rs 59,650 crore.
IREDA reduced its Non-Performing Assets (NPAs) to below 1%. As of March 31, 2024, IREDA had disbursed a total of Rs 1,25,917 crore in renewable energy loans,
underscoring its pivotal role in financing India’s green energy transition. Meanwhile, IREDA secured international credit rating
of ‘BBB long-term’ and ‘A-3 short-term’ from S&P Global, with a ‘stable’ outlook.
This rating has enhanced IREDA’s global presence, enabling access to international funding and supporting its borrowing plans.
The other highlight of the year was the Solar Energy Corporation of India Limited (SECI) attaining Navratna status among Public Sector Undertakings.
The cumulative awarded capacity of SECI stands at 69.25 GWs, with an annual trading volume of over 42 billion units. In FY 2023-24, SECI achieved a consolidated turnover of Rs 13,118.68 crore, up 20.85%, and a profit after tax of Rs 510.92 crore, reflecting 34.89% growth.
Add Comment