Evaluating India's Energy Ambitions: Evidence from Electricity Generation Project-Level Data

by Upasa Borah, Akshay Jaitly and Renuka Sane.

India's electricity demand has been growing rapidly, at 9% per annum since 2021. Meeting this demand by 2030 would require around 777 GW of installed capacity, as estimated by the Central Electricity Authority (CEA). At the same time, India has committed to achieving 500 GW of installed non-fossil capacity by 2030. A study by CEEW (2025) finds that meeting this target would require adding around 56 GW of non-fossil capacity every year between 2025 and 2030, failing which India would need an additional 10 GW of coal-based capacity to meet future demand. There is little doubt that renewable energy in India has seen a sharp growth, with 74 GW in 2018 to 162 GW by the end of 2024 (excluding large hydro and nuclear projects), driven by falling renewable energy prices, and policy support like subsidies for developers, waivers on inter-state transmission charges, Green Energy Corridor investments, changes in Green Open Access Rules and various state-level initiatives that signal policy commitment to the sector. In 2025 alone, the country added 45 GW of renewable capacity.

However, the next phase of the transition is likely to be more complex. India is now facing new challenges regarding grid integration and transmission infrastructure, leading to delays in commissioning projects and curtailment of operational projects. As of June 2025, around 50 GW of awarded renewable capacity was stranded due to a lack of buyers, transmission constraints or disputes over land and environmental clearances. This results in time and cost overruns, dampening investor confidence.

In this backdrop, our paper Evaluating India's Energy Ambitions: Evidence from Electricity Generation Project-Level Data studies how electricity generation projects evolve from announcement to completion. Using project-level data from the Centre for Monitoring Indian Economy (CMIE) CapEx database, we analyse 8,540 projects announced between January 1957 and December 2024 to understand how project size, cost, ownership, energy technology and location influence project timelines. We ask,

1. How many projects have been announced and of them, how many have been implemented and completed? What is the time taken?
2. Given the projects currently in the pipeline, how likely is India to meet the 2030 targets?
3. How do factors like project size, geography and developer characteristics influence the completion timelines and probabilities?

From announcement to completion

We find a significant divergence between projects announced and completed: of the total announced conventional (CE) and renewable (RE) capacity, only 15% and 9% have been completed, respectively. Announcement here refers to events like signing of MoUs, inviting bids, seeking approvals or preparing feasibility reports and may differ from official statistics that use alternative definitions of project status (Borah et al., 2025). The next stage in a project lifecycle is beginning implementation, which includes events like awarding contracts, securing financing, obtaining approvals or beginning construction, indicating a deeper commitment of resources. Even among this set of projects that have been implemented, completion rates remain low: 30% of CE and 22% of RE capacity have been completed. The timelines from announcement to implementation and implementation to completion vary significantly among different technologies, with solar and wind having the shortest timelines.

How much capacity will be added by 2030?

We used an accelerated failure time survival model to estimate the completion probabilities of projects currently in the pipeline (i.e. announced or under implementation as of December 2024). Applying a probability threshold of 0.5, i.e. excluding projects with less than 50% chance of completion by 2030, and scaling our dataset to match the capacities reported by the CEA, we find that India is likely to fall short of its capacity targets.

If the current completion trends continue, total installed capacity would fall short of the 777 GW target by around 56 GW for CE and 45 GW for RE. Similarly, for the 500 GW non-fossil target, the projected shortfall is around 77 GW. It is important to note that our analysis does not include new projects that may be announced after 2024. In that sense, our findings imply that meeting the 500 GW target would require announcing and completing 77 GW of projects within the next six years.

Explaining the capacity additions

We find that project characteristics play an important role in influencing implementation and completion timelines:

• Project size: Larger projects take longer to begin implementation and get completed.
• Ownership: Privately developed projects tend to be completed faster.
• Developer ranking: For RE projects, those developed by top firms (by market share) perform better.
• Location: RE projects in certain states such as Gujarat, Rajasthan and Andhra Pradesh complete faster than those in states with weaker RE ecosystems. Location is less important for CE projects.
• Year of announcement: RE projects announced after 2022 have longer implementation timelines compared to those announced before 2018.

These findings hold taking into account disruptions caused by the COVID-19 lockdown, which we explicitly model.

Finally, we compare completion timelines of large-scale solar and wind projects across states with benchmark timelines in the literature and find that even in RE-rich states, large projects face delays in commissioning.

Taken together, our findings suggest that the challenge is not just the announcement of new capacity but ensuring projects are implemented and completed on time. Bridging this gap will be critical to meeting India's future energy goals.

The authors are researchers at TrustBridge Rule of Law Foundation.