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Domestic renewable energy capacity is expected to reach the 250 GW level by March 2026, Icra said on Tuesday.
The capacity addition will be driven by the large project pipeline of over 80 GW, following the significant improvement in tendering activity in FY2024, the rating agency said.
In a note, Icra said it expects the installed renewable energy capacity, including large hydro projects, in India to increase to about 250 GW by March 2026 from the level of 201 GW as of September 2024.
"We expect the rooftop solar segment and the commercial & industrial (C&I) segments to contribute significantly to the capacity addition. Nevertheless, challenges remain on the execution front with respect to delays in land acquisition and transmission connectivity, which, if sustained, could hamper the sector's prospects," Girishkumar Kadam, Senior Vice President & Co-Group Head - Corporate Ratings at Icra, said.
Icra expects the energy storage capacity requirement at 50 GW by 2030, which will be met through a mix of battery energy storage systems (BESS) and pumped storage hydro projects (PSP), he said.
India's ambitious target of having 500 GW renewable energy capacity by 2030.
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