GANDHINAGAR, Gujarat, Sept 16 (Askume) – India’s two largest conglomerates Reliance and Adani and other companies have committed to help India achieve 500 gigawatt (GW) of clean energy by 2030, while financial firms have pledged to invest $386 billion in renewable energy funds, a minister said on Monday.
“We have received tremendous commitments to support us from states and union territories as well as developers, manufacturers and financial institutions,” Pralhad Joshi said at the annual Renewable Energy Investor Conference and Expo.
India added over 18 GW of renewable energy installation capacity in FY24, compared to 15.3 GW in the same period last year, taking its total capacity to 153 GW.
The minister said the government has also received commitments for an additional 570 GW of power generation, while manufacturers have promised to add 340 GW of solar module capacity and 240 GW of solar cell capacity.
India’s Reliance Industries (RELI.NS) has committed to adding 100 GW of renewable energy capacity, while Adani Green Energy (ADNA.NS) has committed to add 38.8 GW.
Analysts estimate that India’s renewable energy installation capacity could grow to 25 GW in 2024-25 from 18 GW in the previous period.
Since the outbreak, heat waves and increased economic activity have led to India’s electricity generation increasing by about 8% per year on average.
Driven by rising electricity demand, India’s coal-based power generation is expected to grow by 8.9% in 2024–25, higher than the 8.2% expected growth in renewable energy generation, including solar, wind, small hydro and biomass power generation.
