17/09/2024
“Banks and financial institutions would invest Rs 32.5 trillion in renewable energy by 2030”.
At the 4th RE-Invest Summit, leading renewable energy (RE) developers, manufacturers, banks, and financial institutions committed nearly $386 billion (approx. Rs 32.45 trillion) for RE projects in India by 2030.
India’s goal is to build 500 GW of RE capacity, but commitments total 570 GW.
Key contributors include Reliance Industries (100 GW), NTPC (41.3 GW), and ReNew (40 GW), which also committed to 6 GW in solar manufacturing.
Torrent Power pledged 10 GW, investing Rs 57,000 crore.
In total, 338 GW was committed for solar module manufacturing, 239 GW for cell manufacturing, and 22 GW for wind turbine production, led by Adani New Industries Ltd (3.9 GW) and Suzlon Energy (2.8 GW).
Financial institutions pledged Rs 24.8 trillion to fund RE projects. REC led with Rs 6 trillion, IREDA pledged Rs 5 trillion, and PFC Rs 3 trillion.
Among banks, SBI committed Rs 5 trillion, while PNB pledged Rs 79,000 crore.
Brookfield also committed Rs 54,000 crore as a private investor.
This summit, organized by the Ministry of New and Renewable Energy (MNRE) and the Confederation of Indian Industry (CII), aims to promote India as a hub for green energy investments.
Andhra Pradesh set a goal of 60 GW of renewable energy by 2030, including 1.5 MMTPA of green hydrogen production.
Bright future for chemical engineers as all these targets cannot be fulfilled without us.