India Secures ₹32.45 Lakh Crore in Financing for Renewable Energy Sector, Announces Union Minister

India Secures ₹32.45 Lakh Crore in Financing for Renewable Energy Sector, Announces Union Minister

New Delhi, Sept 17 — Union Minister for New and Renewable Energy, Pralhad Joshi, announced a substantial commitment of ₹32.45 lakh crore from banks and financial institutions towards India’s green energy projects. Speaking at the opening of the 4th RE-INVEST 2024 conference, Joshi highlighted the robust financial backing and significant commitments from various stakeholders to bolster India's renewable energy sector.

Joshi revealed that the country has secured financial pledges amounting to USD 386 billion (₹32.45 lakh crore) to support the renewable energy initiatives by 2030. This financing is expected to play a crucial role in achieving India's ambitious target of 500 gigawatts (GW) of renewable energy capacity by the end of this decade.

In addition to financial commitments, developers have pledged to add an impressive 570 GW of new capacity. This includes 340 GW in solar module production, 240 GW in solar cell manufacturing, 22 GW in wind turbines, and 10 GW in electrolysers.

Joshi emphasized the scale of India's renewable energy ambitions, stating, “We have received overwhelming support from states, Union Territories, developers, manufacturers, and financial institutions. Our goal of 500 GW by 2030 is within reach thanks to these significant commitments.”

The minister also urged global investors to seize opportunities in India's rapidly growing renewable sector. “India's rising global stature and strategic international partnerships make it an attractive destination for investment. We invite all stakeholders to join us in turning this vision into reality,” Joshi said.

Underlining India’s impressive progress, Joshi noted a remarkable 76% reduction in tariffs for grid-connected solar power plants over recent years. He also highlighted that the country’s installed renewable energy capacity has surged from 75.52 GW in March 2014 to over 207.7 GW today, marking a 175% increase over the past decade.

Furthermore, the total renewable energy generation in India has seen an 86% increase, growing from 193.5 billion units to 360 billion units since 2014.

Joshi's address at the RE-INVEST 2024 underscores India’s commitment to sustainable energy solutions and its growing role in the global renewable energy landscape.