To reach its goal of 500 GW of clean energy by 2030, the government recently unveiled a plan to install 250 GW of renewable energy capacity over the next five years. According to a statement from the Ministry of New and Renewable Energy, the government has decided to release requests for proposals (RFPs) for 50 GW of renewable energy capacity every year for the next five years or from the financial years 2023–2027.
The bid plan would increase the amount of renewable energy by 250 GW and guarantee 500 GW of installed capacity by 2030, considering that RE projects typically take 18 to 24 months to commission. According to the statement, the Ministry of Electricity is already upgrading and expanding the transmission system’s capacity to evacuate 500 GW of electricity generated by non-fossil fuels.
Additionally, the ministry has announced a quarterly plan of the bids for FY 2023–24, which calls for proposals for at least 15 GW of renewable energy capacity in each of the first and second quarters of the fiscal year (April–June 2023 and July–September 2023, respectively), as well as at least 10 GW in each of the third and fourth quarters of the fiscal year (Oct-December 2023 and January-March 2024 respectively).
This capacity increase is in addition to the RE capacities that would arise from programs like Rooftop Solar and PM-KUSUM of the Ministry, under which bids were directly submitted by different States, as well as capacities that could arise under Open Access Regulations.