Investments in RE Sector Hit 8.5 Lakh Cr, 500 GW RE Capacity by 2030 on Track
The solar sector will play a major part in RE capacity growth. 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, stated MNRE Secretary Prashant Kumar Singh at the CEA's Brainstorming Conclave in New Delhi.
October 15, 2024. By Mrinmoy Dey
India’s renewable energy capacity has surged to nearly 210 GW from about 76 GW in 2014, and the nation is on track to achieve the target of 500 GW RE capacity by 2030, said Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy (MNRE). He was speaking at the Brainstorming Conclave organised by the Central Electricity Authority (CEA) on the Indian Power Sector Scenario by 2047 in New Delhi.
Singh emphasises that the renewable energy sector is set to dominate the Indian power industry in the coming years, and a major part of this growth in RE will come from the solar sector. 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.
“Initiatives such as PM Surya Ghar and PM KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities. Solar power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW and is expected to surpass 100 GW by 2030,” stated Singh.
He also highlighted the excellent growth of the solar cell manufacturing sector from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a target of over 70 GW by 2030.
Between 2014 and 2023, investments in the RE sector have totalled INR 8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged INR 25 lakh crore in support of RE projects through 2030.
Singh also emphasised the importance of initiatives such as the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in the RE sector. 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.
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.
Singh emphasises that the renewable energy sector is set to dominate the Indian power industry in the coming years, and a major part of this growth in RE will come from the solar sector. 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.
“Initiatives such as PM Surya Ghar and PM KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities. Solar power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW and is expected to surpass 100 GW by 2030,” stated Singh.
He also highlighted the excellent growth of the solar cell manufacturing sector from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a target of over 70 GW by 2030.
Between 2014 and 2023, investments in the RE sector have totalled INR 8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged INR 25 lakh crore in support of RE projects through 2030.
Singh also emphasised the importance of initiatives such as the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in the RE sector. 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.
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.
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