Is India on track to achieve 40 GW annual solar capacity addition to meet 2030?

New Delhi: India added solar power generation capacity in a range between 5,459 MW and 13,910 MW annually over the past five years since April 2019, according to data sourced from the Central Electricity Authority (CEA). This stands in stark contrast to the 40 GW annual solar target announced by the government for the next five years to reach the 500 GW non-fossil fuel capacity target by 2030. According to the latest CEA data analysed by ET Energy World, 12,784 MWwas added in the financial year 2022-23 (FY 5,459 MW in FY21, 6,447 MW in FY20, and 5,459 MW in FY21, 6,447 MW in FY20, and 6,528 MW in FY19.

According to Girish Kumar Kadam, senior vice-president, and co-group head - corporate ratings, ICRA, while the policy target is significant high and hence requires a capacity addition of more than 40 GW incrementally every year till FY2030, annual capacity addition has remained much lower over the past two financial years.

“This has been mainly due to a mix of factors, such as execution delay observed on module cost, availability in the utility segment, and delays in land and connectivity approvals. With ALMM compliance requirements on hold for sourcing of modules till March 24 and timeline extension being made available for IPPs, a pick up in execution in FY24," said Kadam.