Annual bidding for 50 GW green energy to start this fiscal year

The government will invite bids for 50 GW of renewable energy capacity, including at least 10 GW of wind power, annually for five years starting FY24, the Ministry of New and Renewable Energy said on Wednesday. The plan aims to achieve 500 GW of installed electricity capacity from non-fossil fuel sources by 2030. The total renewable energy capacity is almost 169 GW, which includes 64.38 GW solar, 51.79 GW hydro, 42.02 GW of wind and 10.77 GW of bio sources. Around 82 GW of projects are at various stages of implementation and 41 GW are under the tendering stage.

"The structured bidding trajectory will provide sufficient time to the renewable energy developers to plan finances, develop business plans and manage the supply chain more efficiently. This is a golden opportunity for industry to invest," power minister RK Singh said.

The financing required to achieve the new annual bidding targets will be significant and new sources of financing need to be opened for renewable energy sector, Gagan Sidhu, Director of CEEW Centre for Energy Finance said.