SECI to Auction 20 GW of Green Energy Capacity in India for FY24

The Solar Energy Corporation of India (SECI), India’s leading renewable energy tendering body, has announced plans to auction up to 20 gigawatts (GW) of green energy capacity in the current financial year. This ambitious initiative marks a 5 GW increase from the previous year as India intensifies its efforts to achieve its target of 500 GW of renewable energy capacity by 2030.

Diverse Project Portfolio to Drive Renewable Growth

The upcoming auctions by SECI will encompass a wide range of renewable energy projects. These include solar-storage solutions, solar-wind hybrid systems, firm and dispatchable renewable energy (FDRE), and round-the-clock clean power projects. By diversifying the types of projects being tendered, SECI aims to create a more resilient and sustainable energy infrastructure that can meet the country’s growing demand for clean energy.

This move aligns with the Indian government’s strategic plan to tender 50 GW of renewable energy capacity annually from FY24 to FY28, setting a robust pace for the country’s green energy transition. By increasing the volume of tenders, SECI is playing a pivotal role in accelerating India’s shift towards a more sustainable energy future.

Collaborative Efforts to Exceed Renewable Energy Targets

Other key players in the energy sector, including NTPC, NHPC, and SJVN Ltd, are also actively participating in the auction process. Last year, these agencies collectively tendered slightly over 51 GW, exceeding the government’s set target for renewable energy capacity additions. This collaborative effort among various agencies is crucial in ensuring that India stays on track to meet its renewable energy goals.

India’s renewable energy sector has been experiencing substantial growth, with the country expected to add between 30-35 GW of new renewable energy capacity in the ongoing financial year. This represents a significant increase from the 18.4 GW added in the previous year, showcasing the country’s commitment to expanding its clean energy footprint.

According to the Council on Energy, Environment and Water, renewable energy sources contributed 71% of the 26 GW of power generation capacity added in FY24. This highlights the growing importance of renewables in India’s energy mix and underscores the country’s commitment to reducing its reliance on fossil fuels.