February 21 (Renewables Now) - Solar power capacity in India is expected to reach 82 GW by the end of 2024, according to the latest report by consulting company Bridge to India.
Meanwhile, the country's wind power capacity is forecast to hit 53 GW in the same period. The report suggests that solar capacity growth will be between 35 GW and 58 GW over the next five years, while wind growth will be in the 12 GW-20 GW range.
Considering the renewable energy sector development over the period, the report points out that large-scale energy storage projects are expected to become popular from 2023. Tariffs in India are likely to start falling soon while tenders will undergo complicated designs.
Meanwhile, the future of the distributed solar power market is uncertain and the outlook for manufacturing is not very favourable. The funding conditions will be mixed.