The ministry of new and renewable energy (MNRE) clarified on Wednesday that the deadline for installing 175 gigawatts (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. Prime Minister Narendra Modi announced in the United Nations General Assembly that the country aims to have 450 GW renewable energy capacity. However, experts cautioned that recent instances of curtailment of solar and wind power in Andhra Pradesh and Uttar Pradesh can throw a spanner in the country’s ambitious plans.

News Source: Financial Express