RE-Invest: India’s RE sector to see investments of USD 386 bn by 2030 for 500 GW target

Gandhinagar: India’s Renewable Energy (RE) sector is set to see investments of USD 386.30 billion by 2030 as RE project developers and equipment manufacturers committed to ambitious expansion plans at RE-Invest 2024 to aid India in achieving its target of putting in place 500 GW of RE projects by 2030. Green energy companies vouched to put in place 570 GW of RE generation projects, 338 GW of solar module manufacturing capacity, 239 GW of solar cell manufacturing capacity, 22 GW of wind turbine manufacturing capacity and 10 MW of electrolyzer manufacturing capacity by 2030, said Minister for New and Renewable Energy Pralhad Joshi on Monday.

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According to data shared by the Ministry of New and Renewable Energy (MNRE), Reliance Industries Limited (RIL) pledged to put in place 100 GW of renewable energy generation capacity, state-run NTPC Limited committed to installing 41.3 GW of RE power generation capacity, while ReNew Power said that it will install 40 GW of RE capacity, and Adani Green Energy 38.8 GW by 2030. Commitments had been sought by the government from state governments, public and private companies in the green energy sector and banks and financial institutions in the form of shapath patra, or commitment letters, ahead of RE-Invest 2024.

Gujarat commits to largest RE capacity addition in India by 2030

As far as the commitments made by states are concerned, Gujarat led the pack by vouching to put in place 128.60 GW of renewable energy capacity by 2030, followed by Andhra Pradesh at 72.60 GW, Maharashtra at 62.73 GW, Rajasthan 57.71 GW, Uttar Pradesh at 47.63 GW, Madhya Pradesh at 31.45 GW and Tamil Nadu at 27 GW. A total of 32 states and union territories submitted their firm commitments to expand their RE generation capacity for the next five years.

Banks & FIs pledge funding of USD 295.25 billion for RE expansion through 2030

Joshi said that banks and non-banking financial companies have committed USD 295.25 billion towards financing the expansion of RE projects in India through 2030. Data shared by MNRE showed that state-run REC Ltd committed to financing loans worth Rs 6 lakh crore, while Indian Renewable Energy Development Agency (IREDA) Ltd and the State Bank of India (SBI) pledged to provide Rs 5 lakh crore each to fund RE projects in India. State-run PFC said that it would provide loans of Rs 3 lakh crore for RE expansion.

“India is not only the fifth largest but also the world's fastest growing economy. The growth is driving an unprecedented demand for energy. We are committed to meeting this demand, sustainably. These investments are a testament to our pledge,” said the minister.

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