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RE-INVEST 2024: Renewable Energy Developers Pledge About 480 GW Capacity Addition

At the ongoing RE-Invest summit in Gandhinagar, Gujarat, major renewable energy developers have made ambitious commitments to boost India's clean energy capacity under the ‘Shapath Patra’ agreements.

September 17, 2024. By Mrinmoy Dey

The 4^th edition of Global Renewable Energy Investor’s Meet and Expo (RE-INVEST), held at Mahatma Gandhi Mandir in Gandhinagar, Gujarat has garnered strong support from the industry. Organised by MNRE and CII, the event was inaugurated by Prime Minister Narendra Modi.

Renewable energy developers have pledged significant capacity addition under the ‘Shapath Patra’ agreements on day one of the event. These pledges include significant investments in both capacity building and the establishment of new manufacturing facilities, demonstrating India's push towards a sustainable energy future.

Leading the pack, Reliance Industries (RIL) has announced plans to add 100,000 MW of renewable energy capacity by 2030. Additionally, RIL also announced setting up facilities capable of manufacturing 20,000 MW worth of integrated solar PV and an equivalent capacity for glass production annually.

State-owned NTPC Ltd. has committed to 41,300 MW of new renewable energy capacity, while other private players such as ReNew (40,000 MW), Adani Green Energy (38,300 MW), Hero Future Energies (28,250 MW), and Axis Energy Ventures (27,900 MW) have also pledged substantial contributions.

Additional key commitments were made by Serentica Renewables (26,000 MW), Avaada (25,300 MW), Ampin Energy (21,000 MW), and Greenko (20,000 MW). Tata Power Renewable Energy has committed 15,234 MW, and Solar Energy Corporation of India (SECI) has set a target of 10,000 MW. SJVN Green Energy has pledged an addition of 15,500 MW.

Further, ReNew and Avaada both committed to manufacture 6,000 MW and 5,000 MW of solar ingot-wafer, cells, and modules annually. Tata Power has also committed to setting up solar cells and modules with manufacturing capacity of 5,000 MW per year.

Sumant Sinha, Founder, Chairman and CEO, ReNew said, “ReNew is proud to play a crucial role in driving the nation’s clean energy transition. Our Shapath Patra underscores our commitment to expanding renewable energy capacity, spearheading green hydrogen production, and creating extensive job opportunities. By aligning with India’s ambitious climate targets, we are dedicated to driving sustainable and inclusive growth.”

Other notable commitments include NHPC with 9,558 MW, Zelestra at 9,850 MW, O2 Power contributing 9,500 MW, Cleanmax Enviro with 6,000 MW, Torrent Power pledging 8,710 MW, and Engie Energy with 6,050 MW. Additionally, Azure Power has committed to 7,052 MW, RP Sanjiv Goenka Group to 6,975 MW, and Juniper Green Energy to 6,230 MW.

Re-Invest 2024 comes at a pivotal moment for India, which has recently crossed the 200 GW milestone in non-fossil fuel capacity, underscoring its leadership in clean energy.

Union Minister for New and Renewable Energy, Prahlad Joshi, called on stakeholders to accelerate investments in India's burgeoning renewable energy sector. The event also saw the participation of prominent leaders, including the Governor of Gujarat, Acharya Devvrat, Gujarat’s Chief Minister Bhupendra Patel, and chief ministers from several other states including Andhra Pradesh, Rajasthan, Madhya Pradesh, Chhattisgarh, and Goa.