The 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) has attracted investment commitments worth Rs. 32.45 lakh crore, according to Union Minister for New and Renewable Energy Pralhad Joshi. In a press conference held in Gandhinagar, Gujarat, the minister highlighted that this edition of RE-INVEST will be remembered as a historic event, with significant pledges for renewable energy investment made in the form of “Shapath Patra” to be realised by 2030. This landmark achievement is a testament to Prime Minister Narendra Modi’s firm commitment to renewable energy, which has inspired stakeholders from across the sector to come together and pledge substantial investments for a sustainable future.
Minister Joshi shared that developers have committed to an additional 570 GW of capacity, while manufacturers have pledged to increase solar module production by 340 GW, solar cells by 240 GW, wind turbines by 22 GW, and electrolysers by 10 GW. He expressed gratitude to developers, manufacturers, banks, and financial institutions for their active involvement in this collective effort. He emphasised that beyond the numbers, this commitment marks a significant step towards a cleaner and greener India, highlighting the faith that both Indian and global investors have in India as a prime destination for renewable energy projects.
Joshi noted that renewable energy is set to be a key driver of India’s economy, and the Prime Minister is playing a pivotal role in this transformation. The results of these efforts will not only benefit India but also have a lasting impact globally, as renewable energy emerges as a solution for economic growth and environmental sustainability. The minister congratulated the states and companies that have taken the lead in driving this renewable energy charge.
Reflecting on the first 100 days of the new government under Prime Minister Modi, Joshi remarked on the significant progress made in the renewable energy sector. He also expressed his personal connection to the day, having visited the Dandi Kutir, a memorial symbolising Mahatma Gandhi’s Salt Satyagraha movement. Joshi commended the Prime Minister for igniting what he described as an energy revolution, with Gujarat playing a key role in leading the renewable energy transformation. India’s 500 GW renewable energy target is more than just a number, he said, and it represents the country’s serious commitment to achieving energy self-reliance.
In addition to the investment pledges, the 4th RE-INVEST Summit saw the launch of the India-Germany Platform for Investments in Renewable Energies Worldwide. This initiative aims to foster collaboration among global stakeholders, including private sector entities, development banks, and international organisations, to accelerate renewable energy expansion. The platform will help meet the growing demand for capital, facilitate technology transfer, and promote innovative technical solutions in the sector.
Joshi also shared impressive growth in India’s solar photovoltaic (PV) manufacturing capacity. In 2014, the country’s installed solar PV module manufacturing capacity was around 2.3 GW, while solar PV cell manufacturing capacity stood at 1.2 GW. Today, the figures have significantly increased, with module capacity reaching around 67 GW and cell capacity standing at approximately 8 GW. These figures reflect the substantial progress India has made in the renewable energy space over the past decade, setting the stage for further advancements in the years to come.
