Exclusive: ‘Transition towards green energy will continue to progress steadily’ Q&A with Deepak Thakur

How is the West Asia conflict impacting the energy transition in the country?

Developments in global energy markets continue to highlight the importance of energy security for a country like India. In such a scenario, reducing dependence on fossil fuels becomes increasingly important from both an economic and strategic standpoint. Renewables, therefore, have a strong and valid growth trajectory as a sector.

We believe the transition towards green energy will continue to progress steadily, supported by long-term structural drivers as well as the need for greater energy independence.

What is your capacity addition plans?

Currently, we have more than 1 GWp of operational capacity. We have around 2 GWp under execution, of which close to 1.5 GWp is expected to be commissioned in the coming fiscal. Over the next 4 to 5 years, we are looking at more than three times growth in capacity.

We are present across both utility and C&I segments, and our focus is on scaling the business in a disciplined and sustainable manner, aligned with our broader vision of shaping a sustainable future powered by green energy.

There is increasing focus on round-the-clock (RTC) power and firm and dispatchable renewable energy (FDRE). How is this shift in demand influencing the way you are planning your portfolio?

The way power demand is evolving is a very important development for the sector. Earlier, power was largely consumed when it was generated, which meant supply dictated usage.

Today, that expectation is changing to a more demand-driven approach – power demand is moving from supply-driven to need-based consumption, where consumers are saying, “I need power when I need power. “In response to this shift, we are building capabilities across multiple technologies, including solar, wind, battery energy storage systems (BESS) and pumped storage.

This multi-technology approach allows us to address different use cases and offer more reliable and flexible solutions. As a result, our overall portfolio is evolving to become more aligned with these emerging demand patterns and better suited to the requirements of both utility and commercial and industrial customers.

Can you elaborate on your plans around pumped storage and battery energy storage systems, and how these fit into your overall strategy?

Storage is becoming an integral part of the renewable energy ecosystem, particularly as the share of intermittent sources like solar and wind continues to increase. Storage is no longer an add-on; it is becoming central to how renewable portfolios are structured and delivered.

We are therefore building capabilities across both BESS and pumped storage as part of our overall strategy. On pumped storage, we have around 11,000 MW of capacity across five states where we have signed MoUs.

We believe pumped storage can be looked at not only at a project level but also at a portfolio level, where it helps in optimising renewable generation and improving overall system efficiency.

From an industry perspective, what are the key areas that need to evolve or be addressed as the renewable sector scales up further?

Transmission infrastructure remains critical, as project development timelines are often shorter than the time required to build transmission capacity. The regulatory ecosystem is also evolving and will need to continue aligning with the pace of growth in the sector. At the same time, while there is a strong push towards “Make in India,” it is equally important to ensure quality and long-term reliability of assets being built.

We also see power markets evolving, with mechanisms like contract for difference helping increase volumes on the power exchanges, thus leading to better price discovery. In addition, services such as frequency control, voltage control and storage are likely to see more market-based participation as the ecosystem matures.