India\u2019s power sector is set to grow by 5-6% each year in the medium term as investments in both thermal and renewable power generation are projected to surge amid growing demand from electrification, data centers, cooling demand, and manufacturing, according to Citi.<\/p>\n
India is currently seeing its first-ever multi-vector capital expenditure upcycle with investments in solar, wind, coal, and grids all rising, according to a report by Citi Research cited by Indian media<\/a>.<\/p>\n \u201cIndia’s first-ever multi-vector capex upcycle – straddling thermal, renewables, transmission, and grid storage – continues to chug along,\u201d the report read.<\/p>\n India has ambitious renewables targets, especially for solar power capacity expansion, although it continues to rely on coal as the pillar of its power generation and flexible capacity to meet peak demand.<\/p>\n India expects to nearly\u00a0quadruple its solar power<\/a>\u00a0capacity and triple wind power-generating assets within ten years, according to the new Generation Adequacy Plan published by the country\u2019s Central Electricity Authority earlier this year.<\/p>\n Amid the current natural gas crisis caused by the lack of Middle Eastern LNG supply, India\u00a0is leaning on coal and renewables<\/a>\u00a0to meet demand. India\u2019s Power Minister in March\u00a0ordered<\/a>\u00a0coal-fired power plants to run at full capacity for three months starting April 1, to be prepared to meet peak power demand during the summer.<\/p>\n