Industry can grow by 10-20%, says Prabhu
Mercom Capital Group CEO Raj Prabhu has urged the government to announce a long-term vision that outlines what the renewable energy demand landscape looks like beyond 2030 so developers, manufacturers, and investors can plan and allocate capital with confidence.
“The industry can grow by 10-20% if it had access to a skilled workforce,” he added.
“India has no formal renewable energy target beyond 2030. That’s less than five years away. For this industry to grow in a meaningful, predictable way, we need visibility for the next 5 to 10 years,” said Prabhu at the Mercom India Renewables Summit 2025 held 24-25 July in New Delhi.
He called attention to the looming 2030 milestone and the need for a long-term renewable energy target beyond it https://www.commerce.gov.in/.
Key Insights from the Summit
• India’s Clean Energy Milestone: Union Minister for New and Renewable Energy Pralhad Joshi said during his speech at the Mercom India Renewables Summit 2025, “We aimed for 500 GW of non-fossil capacity by 2030. Today, we are proud to say that half of India’s installed power is already from non-fossil sources,” he said http://mnre.gov.in.
• Scaling Renewable Projects: With 500 GW of non-fossil capacity targeted by 2030, panelists emphasized the need for rapid infrastructure buildout, regulatory clarity, and streamlined execution to fast-track deployment. Grid readiness and storage adoption emerged as decisive factors.
• Domestic Manufacturing Push: Experts agreed that scaling solar module production is not enough. India must develop a resilient, cost-effective local supply chain, including junction boxes, solar glass, mounting structures, and cables, to sustain long-term growth. “It’s essential for organizations like Mercom to promote domestic R&D. Strengthening R&D within India will reduce our dependence on imported technologies,” said Sunil Sharma, Director (NRE RCM), Ministry of Power.
• C&I Sector Evolution: Project developers are pivoting toward hybrid models, and traditional wind/solar projects are gradually being phased out. With 25 GWh of battery energy storage expected within 18–24 months, demand from data centers is forecast to surpass even that of the steel sector.
• Energy Storage and Green Hydrogen: Battery assets are being recognized as multifunctional resources for grid services and commercial use, not just peak shifting. India is also laying the foundation for large-scale green hydrogen hubs with pilot projects along its western coast.
• Financing Clean Energy: Investor confidence in India’s renewable sector has never been stronger, with lenders actively competing to fund high-impact projects. Private, public, and foreign institutions are actively funding solar, wind, hybrid, and round-the-clock power projects, with energy storage emerging as a key focus for investors.
• Call for Local Skills Development to Accelerate Sector Growth: Across multiple sessions, there was a unified call for urgent investment in local skills development to support the rapid expansion of India’s clean energy sector.
India has reached a key milestone in its shift to renewable energy, with solar power making up nearly 24% of its total installed capacity. Fiinews.com
