The installed capacity of solar photovoltaic power in India has exceeded 68 GW.

India needs to add more than 30 GW of solar energy capacity annually in order to achieve the target of 293 GW of installed solar power by the 2029-30 fiscal year, as per the optimal energy structure. As of May 31, 2023, the country has already installed 68 GW of solar photovoltaic capacity.

According to a new report by SBICAPS, India needs to add 32 GW of solar capacity annually to achieve its revised target share in the optimal energy structure for the fiscal year 2029-30.

The revised version of the optimal energy structure, formulated by the Central Electricity Authority, indicates that India's total installed power capacity will increase to 777 GW by the fiscal year 2029-30, with solar power accounting for 293 GW.

As of May 31, 2023, India's solar photovoltaic installed capacity has reached 68 GW, with an additional capacity of approximately 12.8 GW added in the fiscal year 2022-23.

"The National Electricity Plan (NEP) forecasts a 7% annual growth rate in India's energy demand from the fiscal year 2021-22 to 2026-27," the report states. "To achieve this target with clean energy, the revised optimal energy structure assigns a more significant role to solar power... We estimate that to achieve this goal, the growth rate of solar power must double, reaching over 30 GW annually... This means that solar bidding growth will exceed 93 GW by the fiscal year 2021-22." Currently, the country plans to add a target capacity of 130 GW to 140 GW of solar installation between the fiscal years 2023-24 and 2027-28."