Minister of New & Renewable Energy Pralhad Joshi on Monday said that companies have committed to install 340 gigawatts (GW) of solar module capacity and 240 GW in solar cells by 2030.
In his address at the RE-INVEST 2024, which is organised by the Ministry of New & Renewable Energy (MNRE) in partnership with CII, Joshi said that financial institutions have committed around $386 billion by the end of the current decade.
Joshi noted that the centre has received overwhelming commitments from States and UTs as well as from developers, manufacturers and financial institutes to support India’s goal of 500 GW by 2030.
“Developers have committed additional 570 GW, and 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 (₹32.45 lakh crore) of financing by 2030..
“Under Prime Minister Narendra Modi, India has made significant strides in expanding its renewable energy sector. I am proud to recount that there has been a 76 per cent decrease in tariff for Grid -connected solar power plants,” he said.
India’s installed renewable energy capacity has increased from 75.52 GW in March 2014 to more than 207.7 GW now. That is a phenomenal 175 per cent increase in 10 years, Joshi added. During this period, the total RE generation in India has increased by 86 per cent, from 193.50 billion units (BU) to 360 BU.
The fourth edition of the Global Renewable Energy Investors Meet & Expo(RE-INVEST) 2024 is being held from September 16 to 18 at Mahatma Mandir Convention & Exhibition Centre in Gandhinagar.
RE-Invest is recognised globally as a leading platform for bringing together key stakeholders in the renewable energy sector, including government officials, industry leaders, investors, researchers, and policymakers. This is first RE-INVEST which is being held in Gujarat.
India presently has over 200 GW renewable energy capacity. According to government estimates India needs ₹30 lakh crore investment for having 500 GW renewable energy capacity by 2030.