India emerges as fastest growing RE Capacity in the world, but supplementary evening peaking capacity is the Challenge.

As a major achievement between 2021 and 2025, India added approximately 57.5 GW of renewable energy capacity, increasing its total installed renewable capacity from about 161.4 GW to 218 GW. This growth aligns with India's ambitious target of achieving 500 GW of renewable energy capacity by 2030. In the same period few thermal PPAs in India were signed, the thermal PPA market is negligent compared to Renewable energy PPAs in recent times.

It is important that between March 2021 and March 2024, India's coal-based thermal power capacity increased from 234,728 MW to 243,217 MW, adding approximately 8,489 MW (8.5 GW) over three years. In 2023, India added 4 GW of coal-fired power capacity.

Over the past three years (2022–2025), discoms in states had almost not entered in any of the thermal power (long term) purchase agreements (PPAs). The last perhaps is Adani Power and Adani Green Energy's Joint Bid (September 2024) which was a hybrid supply for RTC Power in Maharashtra: The two companies secured a 25-year agreement to supply 6,600 MW of power to Maharashtra. This includes 5,000 MW of solar power and 1,600 MW of thermal power from a new plant.