Investors commit nearly $400 billion to India's green energy sector, says Pralhad Joshi

New Delhi: Investors have committed to investing nearly $400 billion in India's green energy and related works, renewable energy minister Pralhad Joshi said on Wednesday. The amount is preliminary and details of the commitment are to be worked out, he told reporters on the sidelines of the Bharat Renewable Energy Summit & Expo.

"In the roundtable that we had, it [commitment] was nearly around $400 billion," Joshi said, adding that it was a preliminary estimate, and the details would need to be worked out. The investment interest, from domestic and international companies, came during a roundtable meeting with companies, investors and fund managers, among others.

Joshi said international investors remained confident about India's economic prospects and consider it as one of the safest and best destinations for investment. India requires investments of around $220 billion by 2030 to meet its renewable energy targets. "Even if 50% of this comes in, it is near to the requirement," the minister said.


Also Read | Boost for green energy projects: Maharashtra govt waives 25 pc land transfer fee

The discussions covered different segments under the renewable energy ministry, including green hydrogen and energy storage. He also cited India's economic growth and assessments by international agencies as key factors supporting investor confidence.

On the concerns over availability of solar cells, the minister said India's solar cell manufacturing capacity currently stands at 47 GW and is expected to reach 70 GW by December 31. Some solar module manufacturers have asked for an extension of the mandatory local cells, that was extended till December from June. Solar cell makers, on the other hand, want policy consistency and the deadline to remain.

Also Read | Indian battery component makers face up to 61% cost disadvantage against imports: Report

Joshi said the ministry will consult both sides of the industry before making a decision on the matter. The ministry will hold discussions with various associations in the next 10-15 days on the matter. Joshi said for curtailment of renewable energy and bottlenecks in the grid are being resolved with energy storage systems and green energy corridor.

"We have invited them [companies and investors] for transmission projects as well because in the green energy corridor - III, the government is providing support of ₹54,000 crore," Joshi said.