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Inviting global firms to invest in clean energy services and products in India, Prime Minister Narendra Modi on Monday emphasised that the world’s fourth largest renewable market is also its best bet for the 21st century.
“India is a guarantee for better returns if you are looking to expand. There is no better place for investments and innovation. I invite you all to invest in India’s green transition,” he said in the inaugural address at the Global RE-Invest summit, which has been organised by the Ministry of New & Renewable Energy (MNRE) in partnership with CII.
Highlighting India’s scale, capacity, potential, and performance, Modi said the world is understanding this. “Today, the entire world feels that India is the best bet in the 21st century,” he added.
Even as the Prime Minister impressed upon the CEOs of global companies in the renewables sector to invest in India, state government and domestic companies announced their pledges to accelerate the clean energy transition.
Sankalp Patra
Minister of New & Renewable Energy Pralhad Joshi said “Developers have committed additional 570 GW. Manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, 10 GW in electrolysers. Banks and financial institutions have committed to additional $386 billion (Rs. 32.45 lakh crore) of financing by 2030.”
India’s installed renewable energy capacity rose from 75.52 GW in March 2014 to more than 207.7 GW, a “phenomenal” 175 per cent increase in 10 years, he said during his address.
On the companies’ side, the Adani Group in its Sheath Patra pledged to invest more than $48 billion, or roughly Rs 4.05 lakh crore, by 2030 to expand its RE power capacities to 50 GW from 11.2 GW, sources said.
Besides, the power-to-ports conglomerate’s will expand solar manufacturing capacity to 10 GW from 4 GW at present. It will also increase wind turbine manufacturing capacity to 5 GW from 1.5 GW. Also, electrolyser manufacturing capacity will be raised to 5 GW by 2030.
Similarly, Torrent Power — the integrated power utility of diversified Torrent Group — on Monday announced that it will invest ₹64,000 crore in green energy projects and generate 26,000 new jobs.
The firm will achieve 10 GW of installed RE capacity by 2030, with an investment of ₹57,000 crore. This investment is expected to generate direct and indirect employment for around 25,000 people. Torrent Power signed an MoU with Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka.
Shapath Patra
The second ‘Shapath Patra’ was submitted for setting up 1,00,000 Kilo Tonnes Per Annum (KTPA) Green Ammonia production facility with an investment of ₹7,200 crore and employment generation for around 1,000 people.
The fourth edition of RE-INVEST 2024 is being held from September 16 to 18 at Gandhinagar.
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