- India aims for 500 GW renewable capacity by 2030, needing $220 billion investment
- 310 GW capacity installed so far, progress continues toward 2030 target
- Government hosts green energy summit to attract foreign and domestic investment
In order to achieve its target of 500 gigawatts (GW) of renewable energy capacity by 2030, India will need around $220 billion in investment and is looking to attract foreign direct investment (FDI) alongside domestic capital to bridge the funding gap, Ministry of New and Renewable Energy Secretary Santosh Kumar Sarangi told NDTV Profit.
Sarangi said the country has installed around 310 GW of renewable energy capacity so far and is progressing towards its goal of reaching 500 GW by the end of the decade.
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Integrating the growing share of renewable energy into the national grid and expanding transmission networks remain key challenges in meeting the 2030 target.
To draw investments into the sector, the government is preparing to host its biggest-ever green energy summit, aimed at attracting investors and boosting capital inflows into renewable energy projects.
While foreign investment will be important, domestic capital will also have to play a significant role in meeting the funding requirements, Sarangi said.
India Looks To Strengthen Domestic Manufacturing
The government is also stepping up efforts to build a domestic solar manufacturing ecosystem and reduce dependence on imported components.
The ministry is in active discussions with the Finance Ministry on incentives for polysilicon manufacturing, a crucial stage in the solar photovoltaic supply chain.
India has substantial potential to produce polysilicon, Sarangi said, adding that the country has yet to fully tap the opportunity. The availability of silica offers a potential domestic resource for developing the industry.
The production-linked incentive (PLI) scheme for solar modules has helped expand manufacturing capacity, while the Approved List of Models and Manufacturers (ALMM) framework is being extended across more segments of the renewable energy supply chain.
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The government has notified ALMM requirements for ingot and wafer manufacturing from June 2028, providing manufacturers with greater visibility to plan investments. The ministry has received capacity declarations of around 80 GW, Sarangi said.
The government is pursuing a similar approach for polysilicon and has also introduced ALMM requirements for wind turbine components, including generators and gearboxes.
The objective is to ensure that equipment required for 24 GW of wind energy capacity can be supplied domestically.
On China, Sarangi said India would need to address technology-transfer issues while learning from the country's ability to manufacture and deploy renewable energy equipment at scale.
Rooftop Solar, AgriPV In Focus
The ministry has made changes to the PM Surya Ghar rooftop solar scheme to encourage wider adoption, particularly among households that have been slower to embrace the programme.
Around 63 lakh households have been covered under the scheme so far, against a target of one crore. Adoption is also expanding in states that joined the rooftop solar push more recently. Andhra Pradesh has reported 7.7 lakh households, Bihar 2.5 lakh and Odisha more than three lakh.
The government is also promoting agrivoltaics, which allows farming and solar power generation to coexist on the same land.
The approach could help expand adoption in states such as Bihar, Uttar Pradesh, Odisha, West Bengal, Chhattisgarh and Jharkhand.
Renewable Power For Data Centres
India is also positioning renewable energy as a competitive source of electricity for electric vehicle charging infrastructure, global capability centres (GCCs) and data centres.
While solar power can support daytime EV charging, data centres and GCCs require reliable electricity throughout the day.
Sarangi said India was confident of supplying round-the-clock renewable power at competitive rates, citing a discovered tariff of Rs 5.25 per unit.
Separately, the government is revising power purchase agreements signed before the recent goods and services tax cuts on solar equipment, with the tax-related savings expected to be reflected in tariffs.
The government has also outlined a major expansion of transmission infrastructure. The Green Energy Corridor programme, including its third phase, is intended to facilitate the evacuation of renewable power within states.
The third phase, involving an outlay of around Rs 54,000 crore, is expected to support the evacuation of 135 GW of renewable energy between 2030 and 2035.
The broader corridor programme is part of the government's longer-term plan to strengthen the grid as renewable capacity expands.
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