In the ensuing five fiscal years, beginning on April 1, 2023/24 through 2027/28, the Indian government intends to publish tenders for 50 GW of renewable energy annually. In a report titled Bidding Trajectory for Renewable Energy Power Projects that was released on Saturday, the Ministry of New and Renewable Energy (MNRE) provided a timeline. The annual wind power capacity included in the auctions will be at least 10 GW.
With the help of these initiatives, India would be able to reach its goal of 500 GW of installed capacity from non-fossil fuel sources by 2030. According to the government, there are presently 169 GW of installed renewable energy capacity, 83 GW that are being implemented, and 41 GW that are in the tendering process.
A schedule of at least 15 GW of renewable energy tenders in each of the first two quarters and at least 10 GW each quarter in the second half of the year is anticipated for the fiscal year 2023–2024. Solar, wind, solar-wind hybrid, or continuous renewable energy sources with or without storage are all eligible for the tenders. The government will assign the renewable energy implementing agencies that will hold tenders the annual targets for auctions.