India has succeeded in securing $386 billion from banks and financial institutions to meet its 500GW clean energy target by 2030, said India's Minister of Renewable Energy, Pralhad Joshi, at the 4th Global Renewable Energy Investors' Conference & Expo (RE-INVEST 2024) on Sept. 16th.
India's Renewable Energy Minister Pralhad Joshi said the government has also received commitments to build 570GW of new power generation capacity, while manufacturers have pledged to add 340GW of PV module capacity and 240GW of cell capacity.
India's capacity planning target is not only to meet domestic demand, but also contains the ambition to compete in the international market.
Two of India's largest conglomerates, Reliance Industries (RELI.NS), have pledged to add 100GW of installed renewable energy capacity, while Adani Green Energy (ADNA.NS) has pledged to add 38.8GW of renewable energy capacity.
Currently, India's installed renewable energy capacity has reached 205.3GW, of which 87GW is photovoltaic and 47GW is wind power.
To achieve the 500GW clean energy target by 2030, India will need to add about 50GW of clean energy power per year on average by 2030.
Heat waves and increased economic activity have caused India's electricity production to grow by an average of about 8 percent per year in the wake of the epidemic.
As a result of increased demand for electricity, India expects coal power production to grow by 8.9% in 2024-25, outpacing the projected 8.2% growth in renewable energy production, which includes solar, wind, small hydropower plants, and biomass power generation.
Source: https://mp.weixin.qq.com/s/sogluLlsK-eszR2Om3dEfg