According to media sources, Union Minister for New and Renewable Energy, Pralhad Joshi today said that India aims to add 50 GW of renewable energy capacity every year in order to meet the target of 500 GW by 2030. Union Minister Mr Joshi informed that ‘PM Surya Ghar Muft Bijli Yojana’ has crossed a milestone with more than 9.5 lakh installations.
Mr Joshi emphasised that the country has achieved a remarkable 220 GW in total renewable energy capacity, out of which 100 GW is from solar. Highlighting India’s significant progress in renewable energy over the last decade, Mr. Joshi said that the country has seen a substantial increase in solar and wind energy capacity, with solar energy growing from 2.8 GW to 100 GW, and wind energy expanding from 21 GW in 2014 to 49 GW today. He further noted that the Central Government has allocated 96 thousand crores for the renewable energy sector in the budget.
The Minister was speaking at a press conference held in conjunction with the National Workshop on Renewable Energy Financing. The workshop organised by the Ministry of New & Renewable Energy (MNRE) focused on addressing investment challenges and developing solutions to support the growth of India’s renewable energy sector. Union Minister of State, Ministry of New and Renewable Energy & Power, Shripad Yesso Naik was also present.
Experts and stakeholders discussed various financing models for utility-scale projects, emerging technologies such as offshore wind and green hydrogen, and distributed renewable energy applications like rooftop solar. There were key deliberations on tackling the higher cost of capital, improving access to international credit, climate finance, and innovative financing mechanisms to support India’s clean energy transition. The workshop also underscored the importance of regulatory and policy support to streamline processes, mitigate risks, and build the capacity of financial institutions to enhance renewable energy financing.
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