Renewable Energy

India achieves 8,50,000 rooftop solar installations under PM Surya Ghar initiative

India has taken a significant step towards its renewable energy goals, achieving over 8,50,000 rooftop solar installations under the ambitious PM-Surya Ghar initiative. Minister for New & Renewable Energy, Pralhad Joshi, made this announcement while addressing FICCIโ€™s 3rd India Energy Transition Summit, reaffirming the governmentโ€™s commitment to its target of 500 GW of renewable energy capacity by 2030 and a long-term vision of 1,800 GW by 2047.

Highlighting Indiaโ€™s achievements, Pralhad Joshi noted that the countryโ€™s renewable energy capacity has surged from 75 GW in 2014 to over 220 GW today. He emphasised the importance of energy security, finance, and policy stability in driving Indiaโ€™s transition to clean energy. The government is actively addressing challenges such as financing, policy implementation, and land acquisition through continuous stakeholder engagement.

M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, outlined the financial roadmap for Indiaโ€™s energy transition, stating that a staggering โ‚น33 lakh crore will be mobilised to support this shift. Of this, โ‚น10 lakh crore will come from public sector banks, while the remaining โ‚น23 lakh crore will be sourced through innovative financing instruments such as green bonds and structured debt solutions.

Industry leaders echoed the governmentโ€™s commitment to achieving ambitious renewable energy targets. Shivanand Nimbargi, Chair of the FICCI Renewable Energy CEOs Committee and MD & CEO of Ayana Power, assured full industry support for the 500 GW renewable energy goal by 2030. He highlighted the importance of addressing sectoral challenges to accelerate Indiaโ€™s journey towards net zero emissions.

Vipul Tuli, Chair of the FICCI Power Committee and CEO of Hydrogen Business, Sembcorp Industries, emphasised the critical role of energy transition in ensuring Indiaโ€™s economic competitiveness, energy security, and investment opportunities. With over 50 GW of module assembly and backward integration underway, he called for increased manufacturing and technology innovation from Independent Power Producers (IPPs).

During the summit, FICCI launched its latest report, โ€˜Powering Indiaโ€™s Energy Transition: Strategies to Accelerate Renewable Integration and Decarbonisation.โ€™ Presenting the report, Vishal Mehta, Managing Director & Partner at BCG, stated that wind projects are becoming a crucial asset as Indiaโ€™s energy demand shifts towards evening and nighttime slots. The report estimates that to meet the 50 GW annual renewable energy target, India will require โ‚น1.5-2 lakh crore in debt financing and โ‚น75,000-80,000 crore in equity annually. It also provides strategic recommendations to overcome execution challenges in the renewable energy sector, attract domestic and foreign investments, and drive decarbonisation.

The 3rd India Energy Transition Summit, organised by FICCI, serves as a strategic platform for accelerating Indiaโ€™s shift towards clean energy. The two-day summit brings together key stakeholders, including government officials, industry leaders, financial institutions, and technology innovators, to discuss critical areas such as renewable energy expansion, energy storage, green hydrogen, and financing mechanisms.

With focused discussions on accelerating clean energy adoption, fostering public-private partnerships, and mobilising investments, this summit marks a key milestone in Indiaโ€™s journey towards becoming a global renewable energy leader. The success of initiatives like PM-Surya Ghar underscores Indiaโ€™s unwavering commitment to achieving energy security and global decarbonisation goals.

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