India approves 50 solar parks with 37.5 GW capacity, expands offshore wind plans for renewable goals

November 4, 2024

Solar Parks News: India approves 50 solar parks with 37.5 GW capacity, expands offshore wind plans for renewable goals, ET EnergyWorld

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New Delhi: In a significant boost to India’s renewable energy sector, the Union Ministry of New and Renewable Energy has approved 50 solar parks with a combined capacity of nearly 37.5 gigawatts (GW), Union minister Pralhad Joshi said. Addressing the 7th General Assembly of the International Solar Alliance (ISA), Joshi outlined India’s ambitious renewable targets, which include advancing offshore wind projects to meet a 30 GW capacity goal by 2030.

“We have approved 50 solar parks with a total capacity of nearly 37.5 GW and identified potential offshore wind energy sites to reach our 30 GW goal by 2030,” Joshi said, emphasizing India’s dedication to reshaping its energy future. Under Prime Minister Narendra Modi’s leadership, India has set a 500 GW renewable energy target by 2030, with solar energy already crossing 90 GW in installed capacity.

The ISA, a coalition of 120 countries, aims to mobilize $1,000 billion in solar energy investments by 2030 through its ‘Towards 1000’ strategy, which seeks to achieve 1,000 GW of installed capacity, provide energy access to 1,000 million people, and mitigate 1,000 million tonnes of carbon dioxide emissions annually. This international commitment aligns with India’s domestic efforts, where renewable energy projects, particularly in solar, are witnessing unprecedented growth.

“Our journey in renewables is one of vision and progress, with both domestic and international support driving significant achievements,” Joshi said, highlighting India’s recent budget allocation, which saw a 110% increase in funds for solar power projects. New schemes like the PM-Surya Ghar Muft Bijli Yojana and tax exemptions on critical mineral imports underscore the government’s push to bolster solar infrastructure. Additionally, India’s rooftop solar initiative, one of the most robust globally, is enabling communities to generate renewable energy directly at the household level.

Notably, India’s rural-focused PM-KUSUM scheme is transforming agricultural landscapes by enabling farmers to use solar power for irrigation and sell surplus energy, thus contributing to sustainable livelihoods. “The PM-KUSUM scheme has been instrumental in enhancing rural energy access, and it’s helping farmers to not only irrigate their fields but also participate in the solar economy,” Joshi said.

The growth in the global solar sector has been equally remarkable, with the world expected to reach 2 terawatts of installed solar capacity by 2024. Solar’s role in the global energy mix is rapidly expanding, as highlighted by the ISA data, which shows an investment surge from $144 billion in 2018 to an anticipated $500 billion by the end of 2024. This surge is making solar power the most affordable source of electricity in many regions, surpassing traditional energy sources like coal and gas.

ISA’s achievements were a focal point during the assembly, as Joshi commended the alliance for completing 21 out of 27 solar demonstration projects across various nations. He also announced the dedication of 11 new demonstration projects and the inauguration of 7 STAR-C centres, which aim to enhance institutional capacities in ISA member states.

A prominent highlight of ISA’s ongoing efforts includes the launch of the Solar Data Portal, a platform providing real-time data on solar resources, investment opportunities, and project performance globally. “This portal is transforming how governments and investors interact with solar projects, fostering transparency and action-oriented insights,” Joshi remarked. The Global Solar Facility, another key initiative, is geared toward unlocking capital for solar projects in underserved regions, particularly in Africa, with a pilot underway in the Democratic Republic of Congo and financial backing from India and partners like Bloomberg.

In 2024, ISA also supported the SolarX Startup Challenge, promoting innovation by selecting 30 winners from the Asia-Pacific region to develop scalable solar solutions, and preparations are now underway to extend the challenge to Latin America and the Caribbean.

Beyond these initiatives, ISA has ramped up knowledge-sharing efforts, launching the ISA Knowledge Series and the Green Hydrogen Innovation Centre, fostering research and development in clean energy technologies. ISA’s global events, including the International Solar Festival and CEO Caucus, further amplify its role, with upcoming sessions at COP29 under a dedicated Solar Hub pavilion to encourage wider international cooperation.

“The path ahead is clear, and the time for action is now,” Joshi stated, urging countries, organizations, and private sectors to unite under the ISA’s goals. “As President of the International Solar Alliance, I take immense pride in the progress we have made together. The achievements of 2024 have set the stage for even greater advancements in the years to come.”

In closing, Joshi reiterated the ISA’s guiding principle of unity, likening member countries to “the diverse fingers of a hand” that, when joined together, form a fist symbolizing collective strength.”,”next_sibling”:[{“msid”:114927072,”title”:”Telangana govt to come up with new energy policy soon, says Deputy CM”,”entity_type”:”ARTICLE”,”link”:”/news/renewable/telangana-govt-to-come-up-with-new-energy-policy-soon-says-deputy-cm/114927072″,”link_next_mobile”:”/news/renewable/telangana-govt-to-come-up-with-new-energy-policy-soon-says-deputy-cm/114927072?next=1″,”category_name”:null,”category_name_seo”:”renewable”}],”related_content”:[],”seoschemas”:false,”social_share”:{“fb”:”/news/renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals/114936803?utm_source=facebook&utm_medium={{DEVICE_TYPE}}”,”x”:”/news/renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals/114936803?utm_source=twitter&utm_medium={{DEVICE_TYPE}}”,”whatsapp”:”/news/renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals/114936803?utm_source=wapp&utm_medium={{DEVICE_TYPE}}”,”linkdin”:”/news/renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals/114936803?utm_source=linkedin&utm_medium={{DEVICE_TYPE}}”,”telegram”:”/news/renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals/114936803?utm_source=telegram&utm_medium={{DEVICE_TYPE}}”,”copy”:”/news/renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals/114936803?utm_source=copy&utm_medium={{DEVICE_TYPE}}”},”cat_msid”:45035455,”cat_sub_msid”:false,”msid”:114936803,”entity_type”:”ARTICLE”,”title”:”India approves 50 solar parks with 37.5 GW capacity, expands offshore wind plans for renewable goals”,”synopsis”:”Addressing the 7th General Assembly of the International Solar Alliance (ISA), Joshi outlined Indiau2019s ambitious renewable targets, which include advancing offshore wind projects to meet a 30 GW capacity goal by 2030.”,”titleseo”:”renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals”,”status”:”ACTIVE”,”authors”:[{“author_name”:”Saurav Anand”,”author_link”:”/author/479262553/saurav-anand”,”author_api_link”:”/author/479262553″,”author_image”:”https://etimg.etb2bimg.com/authorthumb/479262553.cms?width=250&height=250&imgsize=13368″,”author_additional”:{“thumbsize”:true,”msid”:479262553,”author_name”:”Saurav Anand”,”author_seo_name”:”saurav-anand”,”designation”:”Principal Correspondent”,”agency”:false}}],”Alttitle”:{“minfo”:””},”artag”:”ETEnergyWorld”,”artdate”:”2024-11-04 12:31:24″,”lastupd”:”2024-11-04 12:31:25″,”breadcrumbTags”:[“solar parks news”,”renewable energy”,”solar parks”,”India”,”International Solar Alliance”,”offshore wind”,”solar investment”,”Union minister Pralhad Joshi”,”India solar capacity”,”India renewable target”],”secinfo”:{“seolocation”:”renewable/india-approves-50-solar-parks-with-37-5-gw-capacity-expands-offshore-wind-plans-for-renewable-goals”}}” data-authors=”[” saurav data-author-list=”Saurav Anand” data-category-name=”Renewable” data-category_id=”262″ data-cat_msid=”45035455″ data-date=”2024-11-04″ data-index=”article_1″ data-keywords=”solar parks news, renewable energy, solar parks, India, International Solar Alliance, offshore wind, solar investment, Union minister Pralhad Joshi, India solar capacity, India renewable target” data-type=”news”>

Addressing the 7th General Assembly of the International Solar Alliance (ISA), Joshi outlined India’s ambitious renewable targets, which include advancing offshore wind projects to meet a 30 GW capacity goal by 2030.

Updated On Nov 4, 2024 at 12:31 PM IST