India Inc. has pledged Rs 32.45 lakh crore for renewable energy projects till 2030.
Confirming the development, Prahlad Joshi, Union Minister for New & Renewable Energy said the commitment is in line with India’s target of over 500 GW capacity by the same year.
“We received overwhelming commitments from states and Union Territories as well as from the developers, manufacturers, and financial institutes to support our goal of 500 GW by 2030″, the minister said.
He informed that the OEM partners and manufacturers have committed additional manufacturing capacity of 340 GW for solar modules, 240 GW for solar cells, 22 GW for wind turbines, and 10 GW for electrolyzers.
He also spoke about interest in India’s renewable energy sector from foreign countries like Germany and Denmark, highlighting the opening of an Indo-German platform for global financing of renewable energy projects.
Corporate commitments:
Reliance Industries has pledged to add 100 GW of additional renewable capacity installation till 2030, including 20 GW per year of integrated solar PV and 20 GW equivalent of glass.
Adani Group has pledged around Rs 4.05 lakh crore investment in the green energy segment. Moreover, Adani Green Energy has committed to 38.8 GW RE capacity by 2030. Adani New Industries will set up a solar manufacturing plant of 10 GW, wind manufacturing of 5 GW, a green hydrogen production facility of 10 GW (green hydrogen: 0.5 MMTPA, green ammonia 2.8 MMTPA), and an electrolyzer manufacturing plant of 5 GW.
Torrent Power has committed investment worth Rs 64,000 crore for integration of renewable energy with the potential of giving employment to 26,000 people. The company aims to achieve 10 GW of installed RE capacity by 2030, with an investment of Rs 57,000 crore. The company signed a Memorandum of Understanding (MoU) with the Government of Gujarat for the execution of a 5 GW solar, wind, or solar-wind hybrid project at Dwarka District in the state.
It is also setting up 1,00,000 Kilo Tonnes Per Annum (KTPA) Green Ammonia production facility with an investment of Rs 7,200 crore.
It must be noted that companies like NTPC, SJVN, NHPC along with SECI, have released bids for 14 GW of renewable energy, exceeding the target of 10 GW, between June and August of 2024.
Rencent MNRE Achievements
- 6.0 GW RE capacity was commissioned between June, July, and August 2024 against the target of 4.5 GW.
- Non-Fossil Installed Capacity reached 207.76 GW.
- From June 2024 to August 2024, REIAs have issued RE power procurement bids for 14 GW against a Target of 10 GW.
- Two Solar Parks completed.
- 1 Lakh Solar Pumps installed under PM KUSUM.
- Under PM Surya Ghar Scheme, 3.56 lakh Rooftop Solar systems were installed.
- Cumulative 13.8 GW Solar Module production commenced in the Solar PLI Scheme.
- Under the National Green Hydrogen Mission 11 companies were selected under the second tranche for electrolyzer manufacturing for a total capacity of 1500 MW/ annum.
- Offshore Wind Scheme approved by the Cabinet on 19.06.2024, RFS issued by SECI.
- IREDA has incorporated a subsidiary “IREDA Global Green Energy Finance IFSC Ltd” in GIFT City.