WHY IT’S IMPORTANT

A target was set at the COP28 U.N. climate conference in 2023 to triple the amount of renewables, such as wind and solar, to keep a 1.5 degree Celsius (2.7 Fahrenheit) warming limit this century within reach.

BY THE NUMBERS

Last year, 582 gigawatts of new renewable energy capacity, such as hydropower, solar, wind and geothermal, was added globally. This was nearly 20% higher than in 2023. Around 91% of the utility-scale projects commissioned were more cost effective than fossil fuel alternatives, the report said.

Solar photovoltaic (PV) was 41% cheaper on average than the lowest-cost fossil fuel alternatives, such as gas, while onshore wind projects were 53% cheaper.

The cost of battery energy storage systems has declined by 93% since 2010, the report added.

CONTEXT

The costs of renewable technologies have been decreasing since 2010 due to technological advances and economies of scale.

Continued reductions are expected but challenges in the short term have come from issues such as geopolitical tensions, trade tariffs and bottlenecks in raw material production and procurement, which could temporarily drive up costs, IRENA said.

KEY QUOTE

“Looking at all renewables currently in operation, the avoided fossil fuel costs in 2024 reached up to $467 billion. New renewable power out competes fossil fuels on cost, offering a clear path to affordable, secure, and sustainable energy,” said Francesco La Camera, director general of IRENA.

“However, this progress is not guaranteed. Rising geopolitical tensions, trade tariffs, and material supply constraints threaten to slow the momentum and drive-up costs,” he added.

Reference : https://www.reuters.com/business/energy/around-90-renewables-cheaper-than-fossil-fuels-worldwide-irena-says-2025-07-22/

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Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL’s total module manufacturing capacity to 8.5 GW.

Construction is expected to begin this year.

The move aligns with India’s push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects.

India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports.

SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024.

“By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer,” Laxit Awla, CEO of SAEL Industries said.

The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO.

SAEL’s revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.

($1 = 85.9500 Indian rupees)

Reference : https://www.reuters.com/sustainability/climate-energy/indian-clean-energy-firm-sael-invest-954-mln-solar-manufacturing-plant-2025-07-14/

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