India’s Renewable Sector May See $350 Billion Investment by 2030: Union Minister Prahlad Joshi

India’s Renewable Energy sector may require investments of about $350 billion over the next 5 years to help achieve 500 GW of non-fossil fuel capacity by 2030, Union Minister for New and Renewable Energy Prahlad Joshi said at an industry event on Wednesday.  

The estimate aligns with projections linked to India’s long-term net-zero target for 2070. 

Capacity Expansion Underway 

India’s total non-fossil fuel-based installed capacity has reached around 267 GW, compared with 81 GW in 2014. Solar capacity has increased from 2.8 GW to over 140 GW during the same period. Overall renewable capacity, excluding hydro, now exceeds 195 GW. 

The country has already crossed 50% non-fossil fuel share in installed power capacity ahead of its earlier timeline. 

Storage and Dispatchable Power 

To support higher renewable penetration, the government is planning an additional 41 GW of energy storage capacity. Agencies have also been asked to focus on firm and dispatchable renewable energy tenders. 

Tariffs discovered for such projects, including storage components, are currently in the range of ₹4 to ₹4.5 per unit, as per the reports. 

Domestic Manufacturing 

Reports suggest that India’s solar module manufacturing capacity has crossed 140 GW. Imports have declined by over half in recent years. 

Cell manufacturing capacity, which was negligible in 2014, has reached 27 GW and is expected to rise further in the coming years. Plans are also in place to develop domestic capacity for wafers, ingots and polysilicon by 2028. 

More than 80% of wind turbines installed in the country are now produced domestically. 

Rooftop and Agricultural Solar 

India has installed over 30 lakh rooftop solar systems generating about 14 GW of power. Under agricultural solarisation initiatives such as feeder-level projects, power costs in some areas have reduced from around ₹9 per unit to ₹3 per unit. 

The cost of solar power has declined from roughly ₹11 per unit a decade ago to about ₹2.15 per unit currently. 

Read More: Gujarat Emerges as India’s Largest Renewable Energy Contributor With 42.583 GW Capacity! 

Conclusion 

The investment requirement show the scale of capacity and storage additions planned over the next few years. These are tied to India’s 2030 non-fossil power target. 

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