Report: India’s renewables market to grow 47 gigawatts by 2027

PV Tech:

The Commercial and Industrial (C&I) renewables market in India is expected to grow by 47GW over the next five years, as policy tailwinds and decarbonisation targets spur growth.

The latest report from energy analyst firm Bridge To India – the India Corporate Renewable Market March 2023 report – said that whilst direct renewable energy procurement currently accounts for just 6% of corporate electricity consumption in India, many corporate customers are looking to increase their renewables purchases. Corporate customers account for 51% of the country’s total consumption, the report said, and thus the potential demand base is significant.

India is looking to install 450GW of solar capacity by 2030, and its corporate sector will play a large part in that. Many companies are looking to fulfil RE100 pledges and net zero emissions targets as well, for which solar and wind will be the primary solutions.

Of the options available to customers, “open access” (OA) and rooftop solar are the most promising. Open access solar in India denotes generation from grid-connected projects that is then channeled through the infrastructure to large consumers. Bridge to India predicts a 23% compound annual growth rate in corporate renewables additions through 2027 – reaching 47GW of total new capacity – with the vast majority being fulfilled by OA solar.

[Will Norman]

More: India’s Corporate Renewables market to grow 47GW by 2027 – Bridge to India