India secures $387.37b renewable energy investment pledges by 2030

Developers alone have pledged additional capacity of 570 GW.

India’s Minister for New and Renewable Energy (MNRE) Pralhad Joshi said the fourth edition of the Global Renewable Energy Investors Meet and Expo made history after it attracted renewable energy commitments worth $387.37b (INR32.45 lakh crore) by 2030.

Broken down, developers have committed an additional 570 gigawatts (MW), whilst manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers. 

The ministry said that the pledges from stakeholders, which include developers, banks, and states, were made in the form of “shapath patras.”

Joshi emphasised India’s commitment to achieve 500 GW of renewable energy capacity in six years, encouraging CEOs to help the government to reach this goal.

One of the achievements of the ministry in the first 100 days of the third term of the Modi government was the launch of six gigawatts of renewable energy from June to August 2024 against the target of 4.5 GW. It also completed two solar parks, and increased non-fossil installed capacity to 207.76 GW.

$1 = INR83.77