₹32.45 lakh crore investment pledged in renewables by 2030: Pralhad Joshi

Union New & Renewable Energy Minister Pralhad Joshi on Tuesday said a total investment of ₹32.45 lakh crore is committed to renewable energy projects till 2030.

This assumes significance in view of India's ambitious target of over 500 GW of renewable energy capacity by 2030.

Addressing a press conference at the fourth Global Renewable Energy Investment Meet & Expo (RE-INVEST), Joshi said that state governments have given 'Sankalp Patra' (commitment) of 520 GW.

Manufacturers have committed to additional manufacturing capacity of 340 GW in solar modules, 240 GW in solar cells, 22 gigawatts in wind turbines and 10 gigawatts in electrolyzers, he stated.

He said that the total investment of ₹32.45 lakh is committed to renewable energy projects by 2030.

He said that over 7,000 people took part in the RE-Invest which is being organised by the Ministry of New & Renewable Energy in partnership with CII.

He informed that 250 diplomats and international oranisations as well as 100 companies participated in the mega event. The event was 500 meetings among businesses exploring the potential of renewables in the country and how to expand it. Besides more than 90 meetings were held between government and businesses related to issues like finance, supply chain, etc.

The minister also spoke about the extensive deliberation with German and Danish diplomats and officials for cooperation in the renewable energy sector.

He also informed about the launch of an Indo-German platform for financing renewable energy projects worldwide.

About the achievements of the Ministry of New & Renewable Energy during the first 100 days of Modi 3.0, Joshi said that 6 GW of renewable energy capacity was commissioned during June-August 2024 against the target of 4.5 GW.

With this capacity addition, the non-fossil fuel-based installed generation capacity reached 207.76 GW, he stated.

During June-August 2024, the REIAs (renewable energy implementing agencies NTPC, SJVN, NHPC, SECI) issued RE power procurement bids for 14 GW against the target of 10 GW.

He also said that two solar parks are completed and one lakh solar pumps have been installed under PM KUSUM. Under PM Surya Ghar Scheme, he stated that 3.56 lakh rooftop solar systems have been installed.

Cumulative 13.8 GW Solar Module production commenced in the Solar PLI (production linked incentive) scheme, he said adding that under National Green Hydrogen Mission, 11 companies were selected under the second tranche for electrolyser manufacturing for a total capacity of 1,500 MW/annum.

The offshore wind scheme was approved by the Union Cabinet on June 19, 2024, he said adding that the RFS (request for selection) was issued by SECI (Solar Energy Corporation of India).

Indian Renewable Energy Development Agency IREDA has incorporated a subsidiary “IREDA Global Green Energy FinanceIFSC Ltd” in GIFT City, he added.