NEW DELHI: Union renewable energy minister Pralhad Joshi on Monday said that India has successfully secured $386 billion from banks and financial institutions to enhance its renewables capacity by 2030.
“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″, Joshi said while addressing the annual Renewable Energy Investor’s Meet and Expo in Gujarat.
Power developers have also committed to establish an extra 570 GW of power generation capacity to boost production with 340 GW for solar modules and 240 GW for solar cells, the minister said.
In the current fiscal year, India has added a little more than 18 GW of renewable energy as compared with 15.3 GW of capacity the previous year, taking the total renewable energy capacity to 153 GW.
Analysts predict India’s renewable energy capacity addition to scale up to 25 GW in 2024-25 from more than 18 GW for the period before.
Fossil fuels account for over 77 per cent of India’s total electricity generation.
Growing economic activities and heatwaves have increased India’s electricity generation by approximately 8 per cent annually on an average, following the onset of the pandemic.
As India’s electricity requirement continues to grow, it expects coal-fired power to grow by 8.9 per cent from 2024 to 2025, slightly higher than the 8.2 per cent growth anticipated for renewable energy sources like solar, wind, small hydro plants, and biomass.
“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″, Joshi said while addressing the annual Renewable Energy Investor’s Meet and Expo in Gujarat.
Power developers have also committed to establish an extra 570 GW of power generation capacity to boost production with 340 GW for solar modules and 240 GW for solar cells, the minister said.
In the current fiscal year, India has added a little more than 18 GW of renewable energy as compared with 15.3 GW of capacity the previous year, taking the total renewable energy capacity to 153 GW.
Analysts predict India’s renewable energy capacity addition to scale up to 25 GW in 2024-25 from more than 18 GW for the period before.
Fossil fuels account for over 77 per cent of India’s total electricity generation.
Growing economic activities and heatwaves have increased India’s electricity generation by approximately 8 per cent annually on an average, following the onset of the pandemic.
As India’s electricity requirement continues to grow, it expects coal-fired power to grow by 8.9 per cent from 2024 to 2025, slightly higher than the 8.2 per cent growth anticipated for renewable energy sources like solar, wind, small hydro plants, and biomass.
