The Ministry of New and Renewable Energy (MNRE) wants banks to step up financing for the RE or renewable energy sector.
The aim is to meet India’s ambitious target of 500 GW of non-fossil power generation capacity by 2030.
The government wants banks to step up financing for the renewable energy sector, and the MNRE is likely to convene a meeting in January.
Union Minister for New and Renewable Energy, Mr. Pralhad Joshi, confirmed the development in an informal meeting with reporters at the 5th International Energy Conference organized by the Confederation of Indian Industries (CII).
He said, “In the coming days, I think somewhere in the month of January, I would meet the chairmen and MDs of all banks in Mumbai. We will talk on providing more financing for the sector,” he said.
He said, “We are confident of making India one of the top global markets for renewable energy investments. In fact, in just last month alone, 2.3 GW of new capacity was added, which means a 4-fold increase from the 566.06 MW added in November 2023…”
A CII and Ernst & Young report also stressed the need for improved financing and investments in the renewable energy space.
According to reports, an investment of around Rs 42 trillion is required to upgrade infrastructure and build new transmission lines to boost the RE sector.
Mr. Joshi has highlighted the country’s rapid growth in renewable energy, stating that it is becoming the renewable energy capital of the world.
He stressed the role of the International Solar Alliance as a formal setup for global collaboration under India’s initiative.
Between April and November, India added nearly 15 GW of renewable energy capacity, almost double the 7.54 GW added during the same period last year.
The total installed capacity in the non-fossil fuel energy sector reached 214 GW, an increase of over 14% compared to the same period last year.
The minister reiterated the Union Government’s commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030. He also highlighted the ongoing transformation of India’s energy sector, including the introduction of the Production-Linked Incentive scheme, the establishment of 50 solar parks, and provisions for the Renewable Purchase Obligation.
