175 GW renewables by December 2022, clarifies government

By: |
Published: October 10, 2019 2:21:28 AM

The ministry of new and renewable energy (MNRE) clarified on Wednesday that the deadline for installing 175 giga-watt (GW) of renewable energy is December 31, 2022.

The renewable energy industry is one of the major FDI earners with the sector attracting .8 billion foreign capital since FY15.The renewable energy industry is one of the major FDI earners with the sector attracting .8 billion foreign capital since FY15.

The ministry of new and renewable energy (MNRE) clarified on Wednesday that the deadline for installing 175 giga-watt (GW) of renewable energy is December 31, 2022. “At places the date for achieving the stated target is mentioned differently, i.e, by the year 2022 or by FY22,” the clarification stated.

Thanks to the devaluation of the rupee, rising finance costs, government-mandated tariff caps in reverse auctions and cancellation of renewable project tenders, the pace of adding renewable generation capacities already slowed down in FY19, when the country added 8.6 GW against 11.3 GW and 11.8 GW added in FY17 and FY18, respectively. The installed renewable capacity now stands at 81.3 GW.

The renewable energy industry is one of the major FDI earners with the sector attracting $4.8 billion foreign capital since FY15. Prime Minister Narendra Modi announced in the United Nations General Assembly that the country aims to have 450 GW renewable energy capacity. However, experts cautioned that recent instances of curtailment of solar and wind power in Andhra Pradesh and Uttar Pradesh can throw a spanner in the country’s ambitious plans.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1GST fraud unearthed; arrest made in fake invoices scam worth over Rs 100 crore
2Now, tomato price soar to Rs 80/kg in Delhi
3Spend big to tide over economic crisis, Kerala FM’s advice to Modi govt