India will require investments of $190-215 billion to achieve the target of 500 gigawatt of renewable energy capacity by 2030, according to Moody's Ratings. The country's relatively strong economic growth will push infrastructure companies to ramp up spending on energy transition to meet demand.
Government policies and stable regulatory frameworks will support credit quality, Moody's said.
The agency also estimates that another $150-170 billion of investment will be required for electricity transmission and distribution as well as energy storage.
"We expect the strong growth in India's renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years," Abhishek Tyagi, Moody's vice president and senior credit officer, said.
(With inputs from PTI)
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