India could be one of the most exciting power markets, especially with respect to renewable energy. For starters, renewable energy is an absolute essential for a country like India, which has a massive shortage of power and a looming energy deficit. Solar, Wind, Hydropower, Geothermal and Biomass are the different sources of renewable energy. Renewable energy sources are also non-carbon emitting sources, thus helping in climate change mitigation. Earlier, the Indian government in its National Wind-Solar Hybrid Policy had set a target to install 175 GW of capacity from renewable energy sources by the year reference to the footnote 1. In June 2018, this target was revised upwards to 227 GW of renewable energy capacity by March reference to the second footnote.
Corporate India can play an important role in achieving these targets. Our study finds an increased momentum in companies wanting to utilize renewable energy primarily in the context of their own operations. We notice growth in the uptake of renewable energy across industries as the former (both captive and purchased together) forms the higher percentage of total energy consumed in operations and companies continue to invest in capacity additions – mostly solar.