Renewable energy sector set to add 65 GW over four to five years: ICRARenewable energy sector set to add 65 GW over four to five years: ICRA

The country’s renewable sector is poised to add about 65 gigawatts capacity over the next four to five years supported by strong project pipeline and government’s policy backing. The renewable energy (RE) sector is likely to see an investment of about ₹2.5 lakh crore to ₹3 lakh crore over the next few years, according to ICRA assessment. Impacted by two Covid waves, the renewable sector is likely to see installation of about 11 GW this fiscal. The economics of battery storage has become a key monitorable for the sector. The key challenges constraining the growth remain on the execution front, mainly associated with land and transmission infrastructure as well as the slow but improving progress in signing of power purchase agreements and power sale agreements by intermediate procurers with State distribution utilities.