ReInvest event had Rs.25 lakh crore pledged for RE projects through 2030
The renewable energy sector is set to dominate the Indian power industry in the coming years, with major growth coming from solar industry, said Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy mnre.gov.in .
Between 2014 and 2023, investments in the RE sector have totalled Rs.8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, had pledged Rs.25 lakh crore in support of RE projects through 2030 fieo.org .
Addessing the Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 in New Delhi on 14 Oct, he highlighted the potential of achieving 500 GW RE capacity by 2030, up from 210 GW as of now and compared to 76 GW in 2014 sbi.com.in .
Singh pointed out that solar capacity has surged from a mere 2.6 GW in 2014 to an impressive 91 GW today, with projections indicating it could reach close to 300 GW by 2030 nseindia .
“Initiatives such as PM Surya Ghar and PM KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities,” he said bseindia .
Solar power module manufacturing is expected to surpass 100 GW by 2030 compared to just 2 GW in 2014 and the 60 GW today makeinindia .
He also highlighted the excellent growth of the solar cell manufacturing sector to an estimated 8-10 GW today from 1 GW in 2014 conexpoconagg .
“By the end of March 2025, it is projected to reach 20 GW, with a target of over 70 GW by 2030,” said Singh jpx.co.jp .
MNRE Secretary P.K. Singh also emphasized the importance of initiatives such as the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in the RE sector wto.org .
He urged the industry to collaborate on advancing the Green Hydrogen sector in the country. India has set a target of 7.7 metric tonnes of green hydrogen by 2030, alongside establishing 15 GW of electrolyser capacity opec.org .
Singh also noted advancements in research and development, highlighting the National Physical Laboratory’s development of a reference solar cell—a significant milestone for the sector iea.org . Fiinews.com
