India to have over 65% power generation capacity from non-fossil fuels by 2030: RK Singh

Power Grid Corporation of India: LIC offloads 2% stake in Power Grid Corporation of India. Life Insurance Corporation of India has offloaded 2% stake in the company via open market transactions. With this, LIC's shareholding in the company reduced to 3.3%, down from 5.3% earlier.

India will have more than 65 per cent of its power generation capacity from non-fossil fuels by 2030, Power and New & Renewable Energy Minister RK Singh said on Monday.

Addressing a CII conference on green energy, he explained that India is aiming for 65 per cent of power generation capacity from non-fossil fuels but the country will have more than that.

India will have 90 GW of solar equipment manufacturing capacity by 2030, up from 20GW at present, he added. He also informed that about 15-20 GW of solar equipment manufacturing capacity is under construction and India will have 40 GW of such facilities under Production-Linked Incentive Scheme-II (PLI-II).

The minister also urged the industry player to shift to the manufacturing of high-efficiency solar equipment. He stated that the country has already 170 GW of renewable energy (including large hydro), while another 80 GW is under construction.

India has planned to have 500 GW of renewable energy by 2030. "We will not just reach 65 per cent (from renewable energy by 2030), we will have more than that (65 per cent capacity)," the minister said.

He also said the industry has evinced interest for 25 million tonnes of green hydrogen capacity. The green hydrogen manufacturing capacity could be 35-40 million tonnes, he noted.