Pralhad Joshi says Rs 32.45 lakh crore finance pledged for renewables sector

India has received a commitment of $386 billion from banks and financial institutions

Union New & Renewable Energy Minister Pralhad Joshi on Monday urged investors to invest in India saying that Rs 32.45 lakh crore finance in green projects has been committed by banks and financial institutions.

Addressing the inaugural session of the 4th RE-INVEST 2024, Joshi said, "we have received overwhelming commitments from the states and UTs as well as from developers, manufacturers and financial institutions to support our goal of 500 GW by 2030." He informed that developers have committed an additional 570 GW of capacity addition.

The 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, he said.

Banks and financial institutions have committed to additional USD 386 billion (Rs 32.45 lakh crore) of financing by 2030.

"I invite all stakeholders to invest in India's vibrant and rapidly growing renewable energy sector, " he said.

As India continues to rise on the global stage, your investment will benefit from our increasing influence and strategic international partnerships, Joshi said.

Together, let us turn this vision into reality and harness the immense potential that India offers, he added.

Today, India is not only the 5th-largest but also one of the world's fastest-growing economies. "This growth is driving an unprecedented demand for energy and we are committed to meeting this demand sustainably, with remarkable advancements in renewable energy," he said.

"I am proud to recount that there has been a 76 per cent decrease in tariff for Grid-connected solar power plants," he said.

Our installed renewable energy capacity has increased from 75.52 GW in March 2014 to more than 207.7 GW now, he said, adding that it is a phenomenal 175 per cent increase over last 10 years.

During this period (2014 to now), the total renewable energy generation in India has increased by 86 per cent, from 193.50 billion units to 360 BU, the minister informed.

RE-INVEST is being organised by the Ministry of New and Renewable Energy in partnership with CII.