Outlook for the capacity addition in RE strong: ICRA

Outlook for the capacity addition in the renewable energy sector remains strong with a large project pipeline of over 55 Gw and competitive tariffs offered by these projects, ratings firm ICRA NSE 0.23 % said.

The commitment to climate change goals announced by India at the recent COP26 summit, including increasing the non-fossil power capacity to 500 GW and meeting 50% of energy requirement from renewable sources by 2030, further strengthens the investment prospects in the renewable energy sector.

The capacity addition witnessed recovery in the first eight months of FY2022 with 8.2 Gw added against 3.4 Gw in 8M FY2021, it said.