India draws $400 bn in preliminary renewable investment pledges

The government will review proposals, while also advancing grid-scale storage and its targets for expanding non-fossil energy capacity.

New Delhi: Global and domestic investors and renewable energy companies have committed investments worth $400 billion in India's renewable energy space, minister for new and renewable energy Pralhad Joshi said on Wednesday.

The investment plans committed at the chief executive officer's (CEO) roundtable in Bharat Renewable Energy Summit were "preliminary" and the government would hold discussions with individual investors and examine their proposals, Speaking to Joshim told reporters.

The investment commitment is nearly double the projected requirement of $220 billion by the end of this decade.

"In CEO roundtable, they have given a commitment of $400 billion," Joshi said, adding that the government would work out the details come up with a comprehensive account of the proposed investments.

The minister said global fund managers and companies have shown interest in investing across renewable energy, green hydrogen, battery storage and transmission infrastructure.

“Even if some of the proposed investments do not eventually materialise, we will still be in a position to meet our investment requirement of $220 billion, because the interest shown at the BRE Summit is almost double what we need,” Joshi added.

Grid stability

Amid concerns that the ongoing conflict in West Asia and it's likely impact on the global investment scenario, the minister said that international investors continue to view India favourably even at times of geopolitical uncertainty.

On the Union cabinet's approval of ₹14,500 crore viability gap funding for grid-scale energy storage on Wednesday, Joshi said the initiative would help address concerns of grid stability and fluctuations in renewable electricity generation.

Currently, India has a non-fossil capacity of 308GW, out of the targeted 500GW for 2030. Prime Minister Narendra Modi, addressing the summit on Monday, said that the government aims to add another 500GW of non-fossil capacity in the next 10-11 years.

Joshi said that the government would subsequently push towards the longer-term target of around 1,800GW by 2047.

About the Author

Rituraj Baruah is a special correspondent covering energy, housing, urban affairs, heavy industries and small businesses at Mint. He has reported on diverse sectors over the last eight years including, commodities and stocks market, insolvency and real estate; with previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.