175 GW renewables by December 2022, clarifies government

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.