Union Minister for New & Renewable Energy Pralhad Joshi has spotlighted five core priorities driving India’s renewable energy transformation: stronger power purchase agreements (PPAs), robust grid and energy storage systems, domestic manufacturing expansion, optimised land use, and enhanced access to finance. His remarks came during the Mercom India Renewables Summit held in New Delhi, where he emphasized that these pillars are central to achieving India’s 2030 target of 500 GW of non-fossil fuel capacity.

Joshi noted that the country has already surpassed 50% of its installed power capacity from non-fossil sources—five years ahead of the Nationally Determined Contribution (NDC) deadline. India’s current renewable energy capacity exceeds 245 GW, with 116 GW from solar and 52 GW from wind.

Citing a recent study by the International Renewable Energy Agency (IRENA), the minister said India’s renewable energy growth in 2024 saved the nation nearly ₹4 lakh crore by reducing fossil fuel imports and mitigating pollution-related costs. The study estimated $14.9 billion in savings on fossil fuel imports, 410.9 million tonnes of CO₂ emissions avoided, and $31.7 billion worth of health and air quality benefits.

The government is catalyzing this growth through several key initiatives. The PM Surya Ghar: Muft Bijli Yojana has received over 58.7 lakh applications and resulted in 17.2 lakh completed rooftop solar installations. To support storage and grid stability, a ₹5,400 crore Viability Gap Funding (VGF) scheme has been introduced for 30 GWh of Battery Energy Storage Systems (BESS), expected to attract ₹33,000 crore in private investment.

A comprehensive transmission infrastructure plan is also being executed in collaboration with the Ministry of Power, CEA, CTU, and POWERGRID to evacuate the targeted 500 GW of renewable capacity by 2030. In parallel, India is expanding its Approved List of Models and Manufacturers (ALMM) and will implement a second list for solar PV cells by June 2026. The ₹24,000 crore Production Linked Incentive (PLI) scheme continues to bolster India’s manufacturing self-reliance in the solar and wind sectors.

To promote sustainability and land innovation, Joshi emphasized the Ministry’s support for floating solar, canal-top installations, agrivoltaics, and renewable projects in remote and tribal areas. MSMEs and startups are also being encouraged to scale up innovation in clean energy solutions.

The National Green Hydrogen Mission is gaining momentum with a budget of ₹19,744 crore. So far, the government has allocated 3,000 MW of electrolyser manufacturing capacity and approved over 8.6 lakh tonnes per year of green hydrogen production. These measures, Joshi noted, are critical for building an energy-secure and sustainable future for India.

Source:

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2147982