India secures $386 bn investment commitments for renewable energy at RE-Invest 2024
Author: PPD Team Date: 19/09/2024
Ministry of Renewable Energy has received investment commitments totalling $386 billion from banks and financial institutions at the RE-Invest conference in Gandhinagar, Gujarat. These investments aim to help India double its clean electricity capacity by 2030, targeting 500 GW of non-fossil capacity.
ReNew, a major renewable energy company pledged to expand its renewable capacity from 10 GW to 50 GW by 2030, with 10 GW dedicated to storage. The company also plans to produce 1 million tonnes of green hydrogen annually, powered by 25 GW of renewable energy, creating 180,000 jobs. ReNew committed Rs 175 billion for 3,000 MW of solar and 630 MW of wind projects in Gujarat, and Rs 120 billion for solar manufacturing facilities.
India, the world’s third-largest carbon emitter, needs to add 44 GW of clean energy capacity annually through 2030 to meet its goals but faces challenges such as transmission bottlenecks, land acquisition delays, and distribution system inefficiencies. The conference brought together project developers, investors, manufacturers, and policymakers to address these challenges.
