₹32.5 Trillion Investment in Renewable Energy by 2030

India has announced an investment of ₹32.5 trillion (approximately $386 billion) in renewable energy (RE) projects by 2030. This commitment was made during the inaugural session of the 4th RE-Invest Summit, hosted by the Ministry of New and Renewable Energy (MNRE) and the Confederation of Indian Industry (CII). Leading project developers, manufacturers, banks, and financial institutions participated in this significant event.

Union Minister of MNRE, Pralhad Joshi, stated that while India’s goal is to develop 500 gigawatts (Gw) of RE capacity by 2030, the total commitments received at the summit amount to 570 Gw. This is a remarkable indicator of India’s growing green energy investment potential. Reliance Industries has committed to adding 100 Gw of capacity, followed by NTPC with 41.3 Gw and ReNew with 40 Gw.

ReNew has also planned to establish 6 Gw of solar cell and module manufacturing, playing a critical role in green hydrogen production. Under the ‘Shapath Patra’ initiative, Gujarat-based Torrent Power committed to achieving 10 Gw of RE capacity by 2030, with an investment of ₹57,000 crore.

The cumulative commitment for solar module manufacturing stands at 338 Gw, with 239 Gw for solar cell manufacturing. In wind turbine manufacturing, 22 Gw has been committed, with Adani New Industries Ltd pledging 3.9 Gw and Suzlon Energy 2.8 Gw.

Banks and financial institutions have pledged ₹24.8 trillion towards financing RE projects. REC has committed ₹6 trillion, followed by IREDA with ₹5 trillion and PFC with ₹3 trillion. Among banks, the State Bank of India made the largest commitment with ₹5 trillion, followed by Punjab National Bank with ₹79,000 crore.

Aakhir Tak Editor-in-Chief

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