India’s renewable sector to Attract USD 386 Billion by 203
India’s renewable energy (RE) sector is poised to receive investments amounting to USD 386.30 billion by 2030, as leading RE companies commit to expansive growth plans at RE-Invest 2024. These investments aim to help India achieve its ambitious goal of installing 500 GW of renewable energy capacity by the end of the decade.
According to Minister for New and Renewable Energy, Pralhad Joshi, green energy companies have pledged to develop 570 GW of renewable energy generation projects, alongside building 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.
Key contributors include Reliance Industries Limited (RIL), which committed to adding 100 GW of RE generation capacity. Other major pledges include NTPC Limited (41.3 GW), ReNew Power (40 GW), and Adani Green Energy (38.8 GW). These commitments were formalized through “shapath patra,” or commitment letters, secured from state governments, private companies, and financial institutions prior to RE-Invest 2024.
Among state commitments, Gujarat pledged the largest RE capacity addition, aiming for 128.60 GW by 2030. Other significant contributors include Andhra Pradesh (72.60 GW), Maharashtra (62.73 GW), Rajasthan (57.71 GW), Uttar Pradesh (47.63 GW), Madhya Pradesh (31.45 GW), and Tamil Nadu (27 GW). In total, 32 states and union territories have made firm commitments to expand their renewable energy capacity over the next five years.
In addition to commitments from RE developers, banks and financial institutions have pledged USD 295.25 billion to support the expansion of renewable energy projects. State-run REC Ltd committed to loans worth Rs 6 lakh crore, while the Indian Renewable Energy Development Agency (IREDA) and State Bank of India (SBI) each pledged Rs 5 lakh crore. Power Finance Corporation (PFC) committed Rs 3 lakh crore towards funding RE projects.
