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A strategic solution lies in balancing this clean energy embrace with targeted exports, enabling India’s growth visions for the power sector , without compromising national climate goals.”The domestic solar equipment demand has surged due to the increase in installations, with more than 6.2 GW of new capacity from solar alone.
India’s solar panel production capacity stood at 68 GW as of March 2024, with the country looking to expand its export markets, particularly to the US.Despite stiff competition from Southeast Asian manufacturers, Indian exports are expected to rise following the U.S. imposition of duties on panels from Southeast Asia, potentially as high as 254% starting June 2024.India currently exports power primarily to Bangladesh, Nepal, and Bhutan, with minor amounts to Myanmar.
Plans are underway to establish renewable power trading through interconnectors with countries like the UAE, Saudi Arabia, Sri Lanka, and potential expansions to Southeast Asia.
However, these projects are capital intensive and not expected to impact the energy transition until the 2030s.As India continues to navigate its path towards its renewable energy targets, the focus remains on harnessing domestic capabilities while exploring avenues for international trade in renewable power
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New Delhi: India has recorded its highest annual installed renewable energy capacity of 18.5 gigawatts (GW) for the fiscal year ending March 31, 2024, with March installations peaking at 7.1 GW, surpassing the previous record of 3.5 GW set in March 2022, Rystad Energy reported.The surge in installations, predominantly driven by solar energy, is a significant step towards India's target of achieving 500 GW of non-fossil fuel capacity by 2031-32, a goal set in alignment with Prime Minister Narendra Modi’s vision for a net-zero emissions country by 2070.Rohit Pradeep Patel, Vice President of Renewables and Power Research at Rystad Energy, emphasized the critical role of continued momentum in renewable energy development, stating, “With the commencement of India’s general elections earlier this month, the country’s emphasis on renewable energy comes as no surprise. Despite ambitious climate goals to reduce carbon dioxide emissions, achieving them is only achievable if the country maintains the fervor witnessed in recent months.”Significant contributions to the installation figures include projects like Adani Green's 1.6 GW of solar capacity in Gujarat's Kutch district, part of a larger plan for a hybrid renewable energy park aiming for 30 GW of combined solar and wind capacity.Patel also highlighted challenges such as grid stability and integration costs, “Critical challenges persist: ensuring grid stability alongside the higher integration costs that come with introducing more renewable capacity. A strategic solution lies in balancing this clean energy embrace with targeted exports, enabling India’s growth visions for the power sector , without compromising national climate goals.”The domestic solar equipment demand has surged due to the increase in installations, with more than 6.2 GW of new capacity from solar alone. India’s solar panel production capacity stood at 68 GW as of March 2024, with the country looking to expand its export markets, particularly to the US.Despite stiff competition from Southeast Asian manufacturers, Indian exports are expected to rise following the U.S. imposition of duties on panels from Southeast Asia, potentially as high as 254% starting June 2024.India currently exports power primarily to Bangladesh, Nepal, and Bhutan, with minor amounts to Myanmar. Plans are underway to establish renewable power trading through interconnectors with countries like the UAE, Saudi Arabia, Sri Lanka, and potential expansions to Southeast Asia. However, these projects are capital intensive and not expected to impact the energy transition until the 2030s.As India continues to navigate its path towards its renewable energy targets, the focus remains on harnessing domestic capabilities while exploring avenues for international trade in renewable power
