India’s wind energy market is expected to see a 50% increase in growth between 2021 and 2025.
A new report by the Global Wind Energy Council and MEC Intelligence estimates the country will add 20.2GW of new wind energy capacity during the five-year timeframe.
India’s wind energy sector was hit hard by the Covid-19 pandemic, with just 1.1GW of new capacity installed, out of the 3.3GW originally forecasted for 2020.
However, a 10.3GW pipeline of projects in central and state markets are expected to drive installations in the coming years.
The report also expects nearly 90% of newly installed wind capacity will come from central tenders, corporate procurements and state markets.
The authors of the report believe that hybrid projects, offshore and corporate power purchase agreements (PPAs) can help scale up the country’s wind power capacity further.
Sidharth Jain, Chief Executive Officer and Founder of MEC Intelligence, commented: “India’s wind market moved forward last year with new tenders, new capital, and new policies.
“Wind will be the central axis of renewable energy portfolios as we move from renewable energy making up less than 10% of the country’s energy matrix today, to more than 30% by the end of this decade.”