“Consequent to weakening financial outlook and additional slowdown in energy demand, we have now revised our base case photo voltaic and wind energy capability addition estimate over 2020-2024 to 35 GW and 12 GW, down from our earlier estimate of 43 gigawatts (GW) and 15 GW respectively,” it stated.
The consultancy additional famous that the sector was already grappling with a collection of vexatious points over the previous couple of years, and the coronavirus pandemic has added to its considerations.
On the influence of COVID-19 on the renewable power sector, the report stated whereas the short-term influence has been comparatively gentle following a collection of proactive aid measures introduced by the federal government, the outlook over the following few years seems gloomier attributable to weakening energy demand, deteriorating monetary situation of discoms and additional constraints in debt financing.
“The pandemic has highlighted operational resilience of renewable energy. It has additionally refocused consideration of the federal government on preventing local weather change and localising power provide. Each these priorities play to renewable energy’s benefit,” stated Vinay Rustagi, Managing Director of Bridge To India.