Banks and FIs to Invest Rs 32.5 Trillion in Renewable Energy by 2030
At the 4th RE-Invest Summit, hosted by the Ministry of New and Renewable Energy (MNRE) and Confederation of Indian Industry (CII), leading renewable energy (RE) developers, manufacturing companies, banks, and financial institutions pledged close to $386 billion (Rs 32.45 trillion) to develop RE projects by 2030. India aims to build 500 gigawatts (Gw) of RE capacity by 2030, but commitments from the solar power industry have reached 570 Gw. Reliance Industries (RIL) leads the pack with a 100 Gw commitment, followed by NTPC (41.3 Gw) and ReNew (40 Gw).
ReNew also plans to build 6 Gw of solar manufacturing capacity, while Gujarat-based Torrent Power committed to 10 Gw. A new initiative called ‘Shapath Patra’ aims to attract green energy investments, with the solar module manufacturing pledge totaling 338 Gw, cell manufacturing at 239 Gw, and wind turbine manufacturing receiving 22 Gw.
Banks and financial institutions committed Rs 24.8 trillion for financing RE projects, with REC leading at Rs 6 trillion. IREDA committed Rs 5 trillion, and Power Finance Corporation (PFC) Rs 3 trillion. Among banks, SBI committed Rs 5 trillion and PNB Rs 79,000 crore. Brookfield leads private investors with Rs 54,000 crore.
Key attendees included Andhra Pradesh CM Chandrababu Naidu, Goa CM Pramod Sawant, and Telangana Deputy CM Mallu Bhatti Vikramarka. Andhra Pradesh aims for 60 Gw RE capacity by 2030 and 1.5 MMTPA green hydrogen production.
India’s solar capacity has increased 33 times since 2014, with the country already reaching 200 Gw of RE capacity, aiming for 500 Gw by 2030. This is part of India’s global commitments, including at G20 and the UNFCC.
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