Power stocks have risen sharply today as the Ministry of New and Renewable Energy revealed that India achieved a record high in renewable energy generation in 2024. According to the statistics, India’s renewable energy capacity more than double in 2024, rising by an astonishing 113% year on year to 30 gigawatts (GW) from 13.75 GW in 2023.
Furthermore, Solar power led the charge, contributing 24.54 GW to this growth, marking a 33.47 percent year-on-year increase in its cumulative installed capacity to 97.86 GW in 2024. Wind power additions totaled 3.42 GW, bringing total wind capacity to 48.16 GW, a 7.64 percent increase from 2023.
Meanwhile, bioenergy capacity increased from 10.84 GW in December 2023 to 11.35 GW in December 2024. Small hydropower projects had modest growth, with installed capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024.
Moreover, the ministry emphasized the importance of these findings given India’s ambitious goal of reaching 500 GW of renewable energy capacity by 2030. To achieve this target, India will need to install an average of 50 GW of renewable energy capacity every year over the next six years.
Here are the stocks that achieved an impressive 113% growth in renewable energy generation in 2024:
1. Adani Green Energy Ltd
Adani Green Energy Limited (AGEL) is an Indian-based holding corporation. The Company generates renewable power and does other related operations. The Company creates, owns, manages, and maintains utility-scale grid-connected solar, wind, hybrid, and solar parks.
With a market capitalization of Rs 1.63 lakh crore, the shares were trading at Rs 1,032.95 per share, increasing around 2.52 percent as compared to the previous closing price.
2. Adani Power Ltd
Adani Power Limited is a thermal power producer in India with a power generation capacity of approximately 12,450 megawatts (MW) comprising 12,410 MW of thermal power plants and a 40 MW solar power project. It focuses on providing power generation and coal trading.
With a market capitalization of Rs 2.12 lakh crore, the shares were trading at Rs 551.40 per share, increasing around 2.27 percent as compared to the previous closing price.
3. JSW Energy Ltd
JSW Energy Limited generates power using both thermal and renewable sources. Its segments include Thermal, which generates power from coal and other thermal sources (lignite, gas, and oil) through owned facilities and related auxiliary services, and Renewables.
With a market capitalization of Rs 98,172.15 crore, the shares were trading at Rs 561.70 per share, increasing around 2.42 percent as compared to the previous closing price.
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4. Torrent Power Ltd
Torrent Power Ltd is a significant integrated power utility firm in India that generates, transmits, and distributes power. Its operations span Gujarat, Maharashtra, Uttar Pradesh, and Karnataka.
With a market capitalization of Rs 71,582.02 crore, the shares were trading at Rs 1,420.55 per share, increasing around 4 percent as compared to the previous closing price.
5. Power Grid Corporation of India Ltd
Power Grid Corporation of India Limited is a power transmission business that plans, implements, operates, and maintains the Inter-State Transmission System (ISTS), as well as provides communications and consultancy services. Transmission Services, Consultancy Services and Telecom Services are the three business sectors of the company.
With a market capitalization of Rs 2.78 lakh crore, the shares were trading at Rs 299.10 per share, increasing around 3.14 percent as compared to the previous closing price.
Written by Abhishek Singh
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