India will need about $220bn of clean energy investment between FY2027 and FY2030, MNRE Secretary Santosh Sarangi said on Saturday. So far, the country has installed 308 GW of non-fossil capacity. Its target is 500 GW.
Where India clean energy investment stands
According to Sarangi, the sector has attracted about $64bn so far, including $6.3bn of foreign direct investment. In addition, India installed about 56 GW of renewable capacity last year. It expects to add another 55 to 56 GW this year. As a result, non-fossil sources now make up more than 54% of installed power capacity.
Summit and SECI listing
Meanwhile, the ministry is preparing an investment summit. Nine countries and 15 Indian states will take part, along with banks and private equity firms. Separately, work has started on a stock market listing for the Solar Energy Corporation of India. However, the ministry has not set a timeline.
Beyond 2030, India aims for 1,800 GW of non-fossil capacity by 2047 and net zero by 2070. Still, coal remains central to supply today. Read our analysis of why coal’s share rose to 83%.
For a deeper analysis, read: India’s 500 GW Target: ~48 GW a Year and ~$55bn a Year to 2030
