Indian Institute of Management Indore

Masters of Business Administration

Term I, AY 2024-25

Renewable Energy Industry

Industry Awareness Report

Submitted by: Group 14

Aanchal Mehta 2024PGP008

Amit Jingar 2024PGP055
Mathuria Prakhar Brijesh 2024PGP553
Shiva Kumar P 2021IPM126
Executive Summary
Strong government policies and investments drive India's fast expanding green energy sector.
With the fourth-largest overall green energy capacity worldwide, the sector significantly
helps to lower dependency on conventional energy sources and combat climate change.
Among the important sustainable energy initiatives, the government is giving attention to are
solar, wind, hydropower, and innovative technologies like green hydrogen. By March 2025
India targets 170 GW of installed renewable energy. Its installed renewable energy as of
March 2024 came to 143.64 GW. Foreign direct investment (FDI) in the sector has drawn
USD 16.26 billion since 2000. Over the following four years, the sector is expected to get
USD 80 billion in investments.

Two significant government initiatives demonstrating the industry's expansion are the
Production Linked Incentive (PLI) Scheme for solar PV panels and Rajasistan's alliance with
NTPC Green Energy. India is also trying to maximize its solar capacity and look into
northeast hydropower possibilities. Technological innovations are essential. Although solar
wind hybrids and offshore wind energy are becoming more and more popular because of their
efficiency, green hydrogen is meant to help lower emissions from industries like steel.
Offshore wind is predicted to attain 30 gigawatts by 2030, while hybrid systems will improve
energy dependability.

Recent investments in programs like the PM Surya Ghar Muft Bijli Yojana and AmpIn
Energy Transition show how creatively green energy can change the way power is available.
Leading in sustainable energy, India aims for 500 GW by 2030. Participating in international
initiatives like the Mission Innovation CleanTech Exchange helps to support its leadership
position.

Though challenges still exist, the continuous developments in wind and green hydrogen
technologies should lower prices, hence increasing the profitability and viability of renewable
energy.

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Table of Contents

Overview (Industry Profile) .................................................................................................. 2

1.1. Growth in the Last Few Years............................................................................................ 3
1.2. Attractive Investment Options............................................................................................ 4
1.3. Major Events and Projects.................................................................................................. 5
1.4. Technological Trends and Innovations.............................................................................. 7

Players Profile ....................................................................................................................... 10

2.1. Indian Players................................................................................................................... 11
2.2. Global Players.................................................................................................................. 13

Macroeconomic View .......................................................................................................... 15

3.1. Government Regulation and Policy Changes................................................................... 16
3.2. Economic Reforms........................................................................................................... 18
3.3. Impact of Union Budget 2024.......................................................................................... 19
3.4. International Treaties and Implications............................................................................ 20
3.5. New Technologies and Innovations................................................................................. 22
3.6. Competition, FDI, and Opportunities............................................................................... 24

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Overview of the industry
The renewable sector in India is a fast-growing and in-demand sector. The installed
renewable energy capacity of India is currently the fourth largest in the world. This
advancement is particularly due to the commitment of the government towards the use of
clean energy sources, which is seen in the way that they are taking various large-scale,
sustainable power projects and promoting green energy heavily in all parts of the country.
Apart from this, another advantage of renewable energy is that it has the potential to create
various employment opportunities, especially in the rural areas of India.

Today, India has deficient conventional energy compared to its required energy needs, driven
by the huge population and rapidly growing economy. However, there is a huge potential to
harness solar energy as India receives sunshine for a major part of the year, particularly in the
desert area. Also, it has vast potential in hydropower, which is currently being explored in
areas such as the north-east.

Growth in the last few years

In recent years the renewable energy capacity of India has expanded to a great extent. As of
December 2023, the renewable energy resources in India including Biomass, waste to power,
and energy waste had a combined installed capacity of 136.57 GW.
In March of 2024, this capacity increased to about 143.64 GW and is
is further expected to grow to about 170 GW by March 2025.

Attractive Investment Option

Investors are finding the renewable energy sector in India very attractive. According to the
report of the Department for Promotion of Industry and Internal Trade (DPIIT), in India, the
non-conventional energy space has received an FDI inflow of US dollars 16.26 billion
between April 2000 and December 2023. Since 2014, this sector has seen investments
totaling more than 5.2lakh crore rupees. In the Interim Budget for this year, the fiscal
allocation for the development of solar power grid infrastructure has increased to Rs. 8,500
Crore (US$ 1.02 billion), which is a significant rise from the previous year’s Rs. 4,970 Crore
(US$ 0.60 billion).
Also, India’s renewable energy sector is expected to attract investment worth US$ 80 billion
in the next four years.

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The Major Events and Projects undertaken in this sector

1. Rajasthan Government and NTPC Green Energy:

The Rajasthan government signed an MoU with NTPC Green Energy to
develop 28,500 MW of renewable energy-based projects, as part of the total
31,825 MW of power generation projects worth Rs 1.6 lakh crore (US$ 19.18
billion). This huge investment is aimed at making Rajasthan self-sufficient in
the energy sector and significantly expanding the state's renewable power
capacity.

2. Production Linked Incentive Scheme(PLI):

On January 2nd, 2024, the Government of India implemented the Production
Linked Incentive (PLI) Scheme for High-Efficiency Solar PV Modules Under
Tranche-II and had a budget of Rs 19,500 crore (US$ 2.35 billion). In April
2023, the government awarded contracts to set up manufacturing units for
39600 MW of solar PV modules.

3. AmpIn Energy Transition:

In November 2023 AmpIn Energy Transition revealed plans to invest Rs.
3,100 crore (US$ 372.6 million) to build renewable energy projects exceeding
600 MW along with a manufacturing facility for solar cells and modules in the
Eastern region. The funding will be focused on West Bengal, Bihar, Odisha,
Jharkhand, Chhattisgarh, and the Northeastern States.

4. Green City:
The Government of India is aiming to develop a ‘green city’ in every state of
the country, which would be powered by renewable energy. The ‘green city’
will have power through solar rooftop systems on all its houses, solar parks on
the city’s outskirts, waste-to-energy plants, and electric mobility-enabled
public transport systems.

5. PM Surya Ghar Muft Bijli Yojana:

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 On February 13, 2024, Prime Minister Mr. Narendra Modi launched PM Surya
Ghar Muft Bijli Yojana an initiative which is providing free rooftop solar
electricity to 1 crore households and is supported by subsidies and
concessional loans.

6. Mission Innovation CleanTech Exchange:

India initiated this global effort, the Mission Innovation Clean Tech Exchange,
which is aimed at creating a whole network of incubators across member
nations to accelerate clean energy innovation. Prime Minister Mr. Narendra
Modi gave his word to increase renewable energy generation capacity to 500
GW and satisfy half of India's energy needs through renewable sources by the
year 2030 at the Cop-26 Summit in Glasgow.

Technological Trends and Innovations in Renewable Energy

1. Green Hydrogen
These are key technologies for the global decarbonization process. The generation of
hydrogen for steel, cement, and chemicals is done from fossil fuels and thus makes the
hydrogen-producing process emit carbon. Electrolysis splits the water into hydrogen and
oxygen with the production of green hydrogen using solar and wind energy. This technology
has the potential to replace the 830 million tonnes of CO2 yearly emitted by fossil fuel-based
hydrogen generation (IEA, 2021).

Key Growth Drivers:

The country had proposed to produce 5 million tonnes of green hydrogen every year by the
year 2030. This is one of the key steps that India needs to take towards reaching net-zero
emissions by 2070 (Ministry of Power, 2022).
Corporate Investments: Reliance and Adani are vigorously investing in the technologies that
will form the backbone of their clean energy portfolios, namely, green hydrogen (Bloomberg
NEF, 2023).
Technology: Expanded green hydrogen production will require breakthroughs in electrolyzer
technology and declining costs of renewable energies. As the IEA (2022) predicted, research
into solid oxide and proton exchange membrane electrolyzers should lead to reduced costs by
the end of the decade.

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Profitability:
Electrolysis and infrastructure costs are tough on the economics of green hydrogen.
Economies of scale could, however, lower costs to between 50% and half the current costs by
2030, according to the IEA. Lower costs will depend on renewable electricity prices again
reducing, advances in electrolyzer technology, and efficiencies in infrastructure.

Environmental Impact:
Green hydrogen is expected to help decarbonize heavy industry and long-distance
transportation; two areas notoriously difficult to electrify. The IEA estimates that green
hydrogen could help reduce CO2 emissions by more than 10 gigatonnes by 2050 and make a
significant contribution toward meeting global climate goals.

2. Offshore Wind Energy

The Indian long coastline is targeted to add 30 GW of offshore wind energy by 2030.
Offshore winds are more energetic and more consistent than onshore winds due to higher
wind speeds at the required height.

Key Growth Drivers:

Government Policies: The Indian Offshore Wind Policy targets 30 GW by 2030. International
cooperation, infrastructure investment, and development of the offshore zone are policy
priorities (Ministry of New and Renewable Energy, 2022).
Tech Innovation: Offshore wind farms employ the use of higher, more effective turbines.
Over the last couple of years, there was a shift towards using 14-16 MW turbines in
comparison to 8-10 MW for previous years. All this would in turn lead to increased energy
harvest and low operating costs.

Profitability:
Offshore wind is capital-intensive, but technological advancements and economies of scale
have reduced the LCOE level for this source. Global average LCOE for offshore wind will
fall by 40% by 2030 (GWEC, 2022).

Challenges:

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Installation and maintenance costs are still much higher in marine environments. Enhanced
turbine life and floating wind platform technologies will also sort out these issues (GWEC,
2022).

3. Solar-Wind Hybrids
Power supply in solar-wind hybrid systems is constant and reliable due to the integration of
both renewable resources and its operation at different times throughout the day or year.
Hybrid systems are increasingly associated with BESS, wherein excess energy is set aside for
high-demand or low-supply situations.

Key Innovation Drivers

Technological Synergy: Solar and wind are reducing the intermittency of renewable energy.
REN21 (2022) observes it is very useful when sunlight and wind occur erratically.

For the past decade, lithium-ion batteries have led the cost curve. Bloomberg NEF (2023)
reports that the battery cost has declined by 85% from 2010, and solid-state battery
technology is expected to bring in further cost reductions.

Growth Potential: Solar-wind hybrids are ideal for 24/7 C&I energy requirements. They
stabilize the grid and reduce thermal power plant consumption (REN21, 2022).

Profitability:
Therefore, energy developers and C&I consumers show significant interest in such hybrid
systems due to dropping wind and solar prices along with the rise in battery storage. Hybrid
systems can be part of the energy transformation by boosting renewable energies' yield states
REN21 (2022).

M&A Activity in the Renewable Energy Sector

India's renewable energy sector has seen a tremendous amount of M&A activity as
companies look to expand their clean energy portfolios and capture the market. The

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acquisition itself reflects an even broader trend for firms within the global energy transition
toward net zero.

TotalEnergies and Adani Green Energy

TotalEnergies invested in Adani Green Energy as part of a move to diversify the company's
energy portfolio and accelerate the transition towards becoming one of the leading players in
the renewable sector. In this effort, TotalEnergies hopes to leverage solar and wind
investments in India to achieve net-zero emissions by 2050 (TotalEnergies, 2022).

Motive: To capture the rising market for renewables in India while pushing forward its clean
energy assets.

Effect: The investment has enabled TotalEnergies to emerge as the largest foreign investor in
India's renewable energy sector, positively enhancing its solar and wind capacity.

Shell and Solenergi

Shell acquires Solenergi, thereby gaining control over established solar assets in India. This
acquisition supports the company's aspirational journey to become carbon-neutral by 2050
and to accelerate the transition into more attractive low-carbon products (Shell, 2022).

Motive: To be in line with the global energy transition and enhance the production capacity
of renewable energy.

Effect: The acquisition of BrightSource completes Shell's solar portfolio to capitalize on the
growing demand for clean energy and supports global net-zero ambition.

Reliance and REC, Sterling & Wilson

Reliance Industries has acquired two strategic entities: REC, the global leader in the
manufacturing of solar panels, and Sterling & Wilson, the leading EPC contractor. These
strategic acquisitions are part of its overall roadmap to becoming a global leader in clean
energy by 2035 (Reliance Industries, 2022).

Motive: The acquisition of these two companies would provide access to the much-needed
technology and expertise to take clean energy projects to scale.

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Effect: Reliance's acquisitions placed it at the forefront of India's shift into renewable energy,
particularly in terms of solar power generation and project execution.

Industry - Analyst View

The sector is transforming with government policies, corporate investments, and

technological advancements, say analysts, who are buoyant on the sector's prospects while
solar and wind energy continue to play a major role, with some momentum now gaining for
green hydrogen and energy storage technologies into the new decade.

Reliance Industries: Reliance is one of the strongest players in the renewable energy space,
focusing most of its recent efforts on large-scale solar projects and acquisitions in the clean
energy space. Here are a few analysts who see the core strengths to be Reliance's experience
in executing large projects and the commitment to net-zero emissions by 2035
(BloombergNEF, 2023).

Adani Green Energy: Considering its aggressive expansion in solar and wind energy,
coupled with collaborations such as the one announced recently with TotalEnergies, the first
spot belongs to Adani. Analysts argue that Adani is at a vantage position because it has
received strong capital backing and boasts a large pipeline of renewable projects that will
help benefit from India's energy transition, according to TotalEnergies (2022).

Tata Power: This is a company that's interested in solar, wind, as well as energy storage. It is
said that the growth of India's renewable energy market takes an important leap in terms of
energy storage technologies and grid stability. Industry Outlook:

This is also seen to boom in the Indian renewable energy sector in the coming ten years,
triggered by declining costs, growing technology innovations, and government policies. It is
also predicted that profit margins will accelerate because of economies of scale achieved,
with the country being a global leader in the field of renewables.

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 Player’s Profile

Indian Players

India's renewable energy sector has experienced substantial expansion as a result of the
government's policy of promoting sustainable energy.

1. Adani Green Energy

 Revenue (TTM): ₹7735 Cr

 EBITDA: ₹7222 Cr

 Net Income (TTM): ₹3986 Cr

 Market Capitalization: ₹2.9 Lakh Cr

Adani Green Energy is a substantial player in the renewable energy sector of India, with a
focus on solar and wind power. Among its most significant initiatives are a 726 sq km green
energy park in the Rann of Kutch and a 20 GW hybrid energy facility located in the Khavda
desert of Gujarat. These substantial investments substantially enhance the nation's renewable
energy capacity.

2. Greenko
 Revenue (TTM): ₹204.40 million USD

 EBITDA: ₹152.91 million USD

 Net Income (TTM): ₹78.01 million USD

 Valuation: 7000 million USD

Greenko is well-known for emphasizing combined renewable energy storage options.

Working on major projects like the Pinnapuram Integrated Renewable Energy Storage
Project (IRESP) in Andhra Pradesh once finished will be the largest integrated project
integrating solar, wind, and hydroelectricity worldwide. Additionally, the Saundatti IRESP in
Karnataka will have a capacity of 2.66 GW.

3. Sterling and Wilson Renewable Energy

 Revenue (TTM): ₹3035 Cr

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  EBITDA: ₹54 Cr

 Net Income (TTM): ₹(211) Cr

 Market Capitalization: ₹15,710 Cr

Not just in India but also elsewhere, Sterling and Wilson participate in large-scale solar
projects. Among the important initiatives are a 375 MWp solar project in Andhra Pradesh,
solar plants in Vietnam (104 MWp and 168 MWp) and Chile (190 MWp and 170 MWp). Its
range of projects shows its place in the industry even if it is having financial difficulties.

4. Tata Power Renewable Energy

 Revenue (TTM): ₹1798.91 Cr

 EBITDA: ₹1226.57 Cr

 Net Income (TTM): ₹267.69 Cr

 Market Capitalization: Subsidiary of Tata Power (₹1.39 Lakh Cr)

Still, another important participant in India's clean energy scene is Tata Power Renewable
Energy. Projects by the business include India's biggest floating solar project at
Kayamkulam, Kerala, with a capacity of 101.6 MW, and its largest solar tracker system at
Dholera, Gujarat, with a capacity of 300 MW.

Global Players

Many businesses worldwide have made notable progress in the generation of renewable
energy. Here are some of the top worldwide renewable energy firms together with their main
initiatives.
1. Iberdrola SA (Spain)

 Revenue: 50.68 billion USD

 Net Income (PAT): 6.62 billion USD

 Market Capitalization: 79.91 billion USD

The head office of the international energy firm Iberdrola is in Spain. It is mostly involved in
the generation of wind, solar, and hydroelectric electricity throughout several areas—

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including Spain, the United States, and the United Kingdom. Among the main initiatives are
Francisco Pizarro, the biggest solar plant in Europe with a capacity of 553 MW, and the East
Anglia Hub offshore wind complex in the United Kingdom with 2900 MW capacity.

2. GE Vernova (U.S.)

 Revenue: 33.67 billion USD

 Net Income (PAT): (355) million USD

 Market Capitalization: 44.26 billion USD

GE Vernova, General Electric's renewable energy arm, focuses on generating

environmentally friendly power from wind, solar, and hydro. Operating in more than 80
countries—including Germany, Sweden, and the United States—it is a significant participant
in the manufacture of solar PV cells and wind turbines.

3. NextEra Energy (U.S.)

 Revenue: 27.13 billion USD

 Net Income (PAT): 7.49 billion USD

 Market Capitalization: 147.95 billion US

NextEra Energy is one of the largest generators of wind and solar power in the world, based
out of the U.S. Together with having a broad portfolio including nuclear power and natural
gas generation, it has teamed with Entergy to create a 4.5 GW low-cost energy project.

4. Constellation Energy Corp. (U.S.)

 Revenue: 23.51 billion USD

 Net Income (PAT): 2.41 billion USD

 Market Capitalization: 59.13 billion USD

Based on nuclear energy, natural gas, and renewable power, Constellation Energy, with its
American headquarters, specializes in Reinforcing its dedication to low-carbon energy
solutions, it has invested in a 900 million USD green hydrogen production plant in the
Midwest and 86% of its overall energy output comes from nuclear power.

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A Macroeconomic Overview

India's renewable energy sector has emerged as a global leader, demonstrating significant
growth in capacity and investment. Over the last decade, the country has leveraged
supportive government policies, strategic reforms, and technological advancements to drive
this transformation. As of 2024, India's installed renewable energy capacity has increased
from 92.97 GW in 2020 to over 175 GW, reflecting the country's commitment to sustainable
development. This report provides an in-depth analysis of the macroeconomic features
influencing India's renewable energy sector, including government regulation, the impact of
the Union Budget 2024, international treaties, technological innovations, and competition.

Government Regulation and Policy Changes

Recent Government Policies

The Indian government has implemented several key policies to promote the growth of
renewable energy. The National Solar Mission is one of the most ambitious initiatives,
aiming to establish India as a global leader in solar energy. Initially targeting 100 GW by
2022, the mission has been expanded with a new goal of 280 GW by 2030. As of 2024, India
has achieved a capacity of 68 GW, marking significant progress toward this goal.

In the wind energy sector, India ranks as the fourth-largest producer globally, with an
installed capacity reaching 45 GW in 2024, up from 38 GW in 2020. The government's focus
on wind energy promotion through feed-in tariffs, capital subsidies, and tax incentives has
been instrumental in this growth. Another critical policy, the Renewable Purchase
Obligation (RPO), mandates that electricity distribution companies source a minimum
percentage of their energy from renewable sources. This obligation increased from 21% in
2022 to 24% by 2025, driving further adoption of renewable energy across the country.

Economic Reforms

India's renewable energy sector has benefited greatly from economic reforms that have
enhanced the business environment. The country's rank on the World Bank’s Ease of Doing
Business index improved from 77 in 2019 to 63 in 2022, largely due to regulatory
improvements that facilitate renewable energy investments. These reforms include
streamlined project approval processes, reduced bureaucratic barriers, and financial

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incentives like tax holidays and subsidies. As a result, investment in the renewable energy
sector reached $14.5 billion in FY 2022-23, compared to $8.4 billion in FY 2020-21. From
2015 to 2024, the sector attracted over $70 billion in investments, making it one of the top
five sectors for foreign direct investment (FDI) in India.

Impact of Union Budget 2024

Overview

The Union Budget 2024 has reinforced the government's commitment to renewable energy,
allocating ₹55,000 crore to the Ministry of New and Renewable Energy, a 25% increase from
the previous year’s ₹44,000 crore. This increased funding underscores the government's
focus on expanding the country's renewable energy infrastructure and capacity.

General Impact on the Industry

Significant portions of the budget have been allocated to specific renewable energy projects.
For instance, ₹30,000 crore has been earmarked for solar energy projects, to add 20 GW of
capacity by 2025. Similarly, ₹10,000 crore has been allocated for wind energy, targeting an
additional 8 GW of capacity by 2025. Furthermore, ₹5,000 crore is dedicated to the Green
Energy Corridor project, which aims to enhance the transmission infrastructure necessary for
integrating renewable energy into the national grid.

Tax and Customs Duty Reforms

The budget has introduced several tax and customs duty reforms to further support the
renewable energy sector. Customs duties on solar modules have been reduced from 20% to
10%, and duties on lithium-ion batteries have been cut from 15% to 5%. These reductions are
expected to lower project costs by 8-10%, making renewable energy projects more
competitive. Additionally, the budget has extended tax holidays for renewable energy
companies for another five years, which is estimated to save the industry ₹2,000 crore
annually.

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Implications

The measures introduced in the Union Budget 2024 are expected to significantly boost the
renewable energy sector. By increasing the share of renewable energy in India's total energy
mix to 40% by 2030, these policies will also contribute to reducing carbon emissions by 33-
35% from 2005 levels, aligning with India's climate commitments under international
agreements.

International Treaties and Implications

Global Commitments

India is a signatory to several international treaties that have a profound impact on its
renewable energy policies. Under the Paris Agreement, India has committed to reducing the
carbon intensity of its GDP by 45% by 2030. This commitment has driven the country to set
ambitious targets for renewable energy, including a goal of 500 GW by 2030. As of 2024,
India has already met its initial target of 175 GW of renewable energy capacity.

WTO Regulations

India's renewable energy subsidies, particularly those related to solar energy, have faced
scrutiny under World Trade Organization (WTO) regulations. The country has had to defend
its subsidy programs in cases like the US-India solar dispute (DS456). As a result, India has
shifted towards more compliant, performance-based incentives that align with WTO rules,
reducing the risk of trade disputes.

International Solar Alliance (ISA)

India is also leading the International Solar Alliance (ISA), a coalition of 124 member
countries aimed at promoting solar energy globally. The alliance seeks to mobilize $1 trillion
in solar investments by 2030, with India contributing $1 billion in concessional financing.
This leadership role not only enhances India’s global standing but also attracts international
cooperation and investment in its renewable energy sector.

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New Technologies and Innovations

Technological Advancements

Technological innovation is crucial to the future of renewable energy in India. The

government is investing heavily in research and development (R&D), with spending expected
to reach ₹10,000 crore by 2025. One of the most promising advancements is the development
of Bharat Small Modular Reactors (SMRs), which are set to revolutionize nuclear energy in
India. The government plans to deploy 20 SMRs by 2030, providing a combined capacity of
10 GW.

Energy Storage Solutions

Energy storage is another area of significant investment. The 2024 budget allocated ₹2,000
crore for the development of energy storage systems, with a target of adding 10 GW of
storage capacity by 2027. These systems are essential for integrating renewable energy into
the grid, as they help manage the intermittency of sources like solar and wind power.

Disruptive Innovations

Artificial Intelligence (AI) is playing an increasingly important role in optimizing energy

distribution and reducing losses. AI-driven smart grids are expected to save India over
₹5,000 crore annually by improving efficiency. Moreover, Distributed Energy Resources
(DERs), such as rooftop solar installations, now account for 10% of India's total solar
capacity, with this share expected to double by 2030. These innovations are empowering
millions of households and businesses to generate their electricity, contributing to the
national grid and enhancing energy security.

Competition, FDI, and Opportunities

Competitive Landscape

India’s renewable energy sector is highly competitive, with both domestic and international
players vying for market share. In FY 2022-23, the sector attracted $14.5 billion in FDI,
making it the fifth-largest sector for FDI in India. Global companies like Siemens Gamesa,

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Vestas, and First Solar are major players in India’s wind and solar markets. Siemens Gamesa
alone installed 2.2 GW of wind capacity in India by 2024.

Domestic Firms and FDI

Domestic companies like Suzlon and ReNew Power are also expanding rapidly. Suzlon, for
instance, held 33% of the domestic wind energy market in 2024. The inflow of FDI into the
sector has facilitated technology transfer, job creation, and increased competitiveness. Many
domestic firms are entering into joint ventures with foreign companies, leading to innovations
and improved project execution.

Imports and Exports

India remains dependent on imports for certain renewable energy components. In 2023, the
country imported $3 billion worth of solar cells and modules, primarily from China, which
accounted for 70% of these imports. However, the government’s push for domestic
manufacturing, through initiatives like ‘Make in India,’ is expected to reduce this dependency
by 30% by 2025.

Export Opportunities

On the export front, Indian companies are making significant inroads into emerging markets
like Africa and Southeast Asia. In 2023, India exported $1.5 billion worth of renewable
energy equipment. The government aims to double this export value by 2027, supported by
targeted export incentives.

Conclusion

India’s renewable energy sector is on a robust growth trajectory, driven by supportive

government policies, strategic investments, and technological advancements. The sector is
poised to play a critical role in meeting the country’s energy needs while also contributing to
global climate goals. As India continues to build on its achievements, the future of renewable
energy looks promising, with ample opportunities for further growth and innovation.

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Bloomberg NEF. (2023). New energy outlook 2023. Bloomberg NEF;

https://about.bnef.com/new-energy-outlook/

Global Wind Energy Council. (2022). Global wind report 2022. GWEC;
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International Energy Agency. (2021). The future of hydrogen: Seizing today’s opportunities.
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International Energy Agency. (2022). Global hydrogen review 2022. IEA;

https://www.iea.org/reports/global-hydrogen-review-2022

Ministry of New and Renewable Energy. (2022). National offshore wind energy policy.

Ministry of Power. (2022). India’s national hydrogen mission. Ministry of Power,

Government of India; https://powermin.gov.in/

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https://www.ibef.org/industry/renewable-energy-presentation

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https://greenkogroup.com/investors.php

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Sterling and Wilson Renewable Energy. (2024). Investor Relations, Presentations and
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Tata Power Renewable Energy Limited. (2024). Annual Reports;

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GE Vernova. (2024). Renewable Energy;

https://www.gevernova.com

NextEra Energy. (2022). About NextEra Energy.

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https://www.constellationenergy.com/our-work/what-we-do/generation.html

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