MR. JIGAR G RAJ
"The pursuit of achieving 500 GW installed capacity by 2030 drives expansion in solar and wind assets. The Union Budget’s marked increase in funding for the Ministry of New and Renewable Energy further catalyzes sectoral development."
Q. What is your opinion on the renewable sector’s progress, which is on the verge of becoming a key source of energy in the coming times?
Globally, India holds the 4th position in terms of its total installed renewable energy capacity, which encompasses large hydro as well. The nation also ranks 4th in both Wind Power capacity and Solar Power capacity, as highlighted by the REN21 Renewables 2022 Global Status Report. Notably, India has elevated its ambitions, committing to a heightened target of achieving 500 GW of energy generated from non-fossil fuel sources by 2030, a significant undertaking articulated during COP26. This commitment underscores the importance of renewable energy and aligns with the transformative Panchamrit initiative. Remarkably, this aspiration represents the world’s most extensive expansion plan for renewable energy.
Q. Is increasing awareness regarding the environment and climate change leading solar energy customers to accept the need to transition to sustainable energy sources?
Undoubtedly, India’s solar energy industry experiences a marked change in customer attitude and strategy. Rising consciousness regarding the environment and climate change drives Indian customers to acknowledge the need for a shift to sustainable energy sources. The appeal of solar energy lies in its abundance, renewability, and eco-friendliness, garnering substantial favour among consumers. This transformation can be credited to factors like environmental awareness, cost-effectiveness, governmental incentives, energy autonomy, corporate social responsibility, technological progress, peer impact, education, urbanization, energy requirements, and reliability.
Q. What recent innovations have taken place in the field of renewable energy?
The latest innovation is of course solar 3.0. The Solar 3.0 features a dispatchable solar PV plant paired with battery storage for flexible grid contribution. Notably, Solar 3.0 introduces perovskites that use significantly less material than conventional silicon cells. Furthermore, to address energy distribution challenges, efficient grid technologies like GaN and SiC semiconductors are employed for controlled energy flow. This advancement also bolsters electric vehicle integration, supporting vehicle-togrid stability, grid optimization, and bi-directional charging capabilities.
Q. How much more growth and expansion can be done in this area?
Amid environmental concerns, India’s renewable energy sector gains momentum with government support and significant investments, drawing investors. Leading companies drive expansion to achieve the bold 500 GW capacity goal by 2030. The Union Budget 2023-2024 amplifies this with a notable 48% increase, reaching ?10,222 crore for the Ministry of New and Renewable Energy compared to the prior year’s ?7,033 crore. An enticing opportunity arises for investors to ride this wave, tapping into attractive returns from top Indian renewable energy stocks.
Q. What is the significant demand and progress that is likely to occur in this sector?
In India, the renewable energy landscape is fueled by pressing environmental concerns, spurring demand for sustainable solutions. Governmental impetus and substantial investments propel growth in pivotal sectors such as solar and wind power. The pursuit of achieving 500 GW installed capacity by 2030 drives expansion in solar and wind assets. The Union Budget’s marked increase in funding for the Ministry of New and Renewable Energy further catalyzes sectoral development. This synergy of demand, government support, and financial backing creates an attractive environment for investors, enticing them to engage with India’s burgeoning renewable energy sectors.
Q. What are your views on the policies of the Indian government, which are actively promoting projects of the renewable energy sector?
The Indian Government’s policies actively bolster the renewable sector through a multifaceted approach. Substantial financial incentives, tax breaks, and favorable regulations are extended to renewable energy projects, fostering a conducive investment climate. The introduction of competitive bidding mechanisms promotes costefficiency and innovation. Schemes like the National Solar Mission and Green Energy Corridors focus on enhancing grid infrastructure and facilitating renewable integration. The “One Sun, One World, One Grid” initiative aims to harness solar power across countries. Such progressive policies not only attract private investments but also drive the expansion of renewable capacities, advancing India’s sustainable energy transition.
Q. What are the upcoming projects in the renewable energy sector that can benefit electrification and thereby revolutionize power generation?
India’s renewable energy trajectory holds untapped potential in various unexplored domains. Floating solar farms present opportunities in water bodies, maximizing land use efficiency. Energy storage technologies, like advanced batteries, are vital for stabilizing intermittent renewable sources. Offshore wind energy remains largely untapped and could revolutionize coastal power generation. Rural electrification can benefit from decentralized renewable solutions. Additionally, green hydrogen production and electric vehicle integration offer avenues for renewable growth. Unlocking these opportunities can diversify India’s energy mix, enhance energy security, create jobs, and contribute to global sustainability goals while propelling the nation towards a cleaner and more resilient future.
