Power and New & Renewable Energy Minister R K Singh exuded confidence that India will have over 200 GW of renewable energy capacity by 2022.

India has set an ambitious target of having 175 GW of renewable energy capacity by 2022.

"We have decided that by 2022 we will establish 175 GW of renewable energy capacity. We are close to achieving the target," Singh said at BRICS Energy Ministers meet in Brasilia, Brazil on Monday.

"The renewable energy capacity which has been installed is 83 GW and under installation is 31 GW and 35 GW capacity is underbidding. So this becomes around 140-145 GW. In hydro, we have installed capacity of around 45 GW and under installation, capacity is about 13 GW, which makes it (hydro) around 60 GW. So we will cross 200 GW capacity of renewable energy by 2022," the minister said.

Singh said that more than 55 per cent of installed power generation in India will be from renewable sources by 2030.

"India has decided that by 2030, about 40 per cent of its installed capacity will come from renewables. But we will be crossing that," he added.

"Our Prime Minister at the United Nations General Assembly Climate Summit announced that we will install 450 GW or 450 thousand MW of renewable energy capacity by 2030...So we have followed a quick approach towards reducing carbon footprints," he added.

Talking about Perform Achieve and Trade (PAT) scheme, Singh said India saved 8.63 million tonnes of oil equivalent in the first round of the scheme.

In the second round, the country achieved a further reduction in energy consumption of about 3 million tonnes of oil per year.

Under the PAT scheme, the Bureau of Energy Efficiency had set a target of power savings by designated consumers.

The first round of the scheme was from 2012-13 to 2014-15, while the second round was from 2016-17 to 2018-19.

The designated consumers get an energy-savings certificate under the scheme, which can be traded at energy exchanges.