INDUSTRY OUTLOOK

1. Strong Growth Trajectory

• India aims to reach 500 GW of non-fossil fuel capacity by 2030.
• As of 2025, installed renewable capacity (excluding large hydro) stands at over 137 GW.
• Utility-scale projects contribute ~85% of new renewable installations.

2. Dominance of Solar and Rise of Hybrid

• Utility-scale solar continues to dominate due to falling costs and high scalability.
• Hybrid projects (solar + wind) are gaining traction for grid balancing and power reliability.
• Round-the-Clock (RTC) power tenders are rising, integrating storage for firm power supply.

3. Accelerated Demand from Corporates

• Growing demand from industries, data centers, and commercial users for green power.
• ESG mandates and decarbonization targets driving private investments.

4. Government Policy Support

• Inter-state transmission (ISTS) charge waiver extended till 2030 for solar and wind.
• PLI schemes for solar modules, advanced batteries, and green hydrogen infrastructure.
• Flexible ALMM (Approved List of Models and Manufacturers) implementation to support execution.

5. Energy Storage Becoming Critical

• Surge in Battery Energy Storage System (BESS) tenders to complement solar/wind.
• Storage is essential for peak-hour reliability and RTC delivery.
• Government pilot schemes and Viability Gap Funding (VGF) being introduced for BESS.

6. International Capital & FDI Flowing In

• India attracts >$10 billion FDI in renewables in last five years.
• Climate-focused funds, sovereign investors, and multilateral banks are active.
• Partnerships with global developers in solar, wind, and hydrogen.

7. Future Outlook (2025–2030)

• Expected 15–20% CAGR in utility-scale renewables.
• Share of hybrid and RTC projects will grow rapidly.
• BESS and green hydrogen-linked renewables to emerge as new growth segments.

8. Strategic Opportunity

India is evolving into a global renewable hub with manufacturing, R&D, and export potential.

Early movers in storage, RTC, and green hydrogen are best positioned for long-term gains.

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