India Plans to Raise $220 Billion for Clean Energy and Grid Development

en.Wedoany.com Reported - On October 28, Santosh Kumar Sarangi, Secretary of India's Ministry of New and Renewable Energy, stated in New Delhi that India is expected to need approximately $220 billion in investment to achieve its target of 500 GW of non-fossil energy generation capacity by 2030. The funding needs cover solar, wind, energy storage, transmission infrastructure, green hydrogen, and related manufacturing, and the government is formulating a financing roadmap through 2030.

Among the investment needs across various sectors, solar power requires approximately $70 billion, transmission infrastructure approximately $40 billion to $45 billion, wind power approximately $25 billion to $30 billion, green hydrogen approximately $20 billion to $25 billion, and energy storage approximately $20 billion. New energy manufacturing is expected to require $15 billion to $20 billion, while hydropower and bioenergy require $12 billion to $15 billion and $3 billion to $5 billion respectively. The above figures represent planned investment needs, not investments in already-approved construction projects.

As of October 2026, India's non-fossil energy generation capacity stands at approximately 308 GW, leaving a gap of about 192 GW to reach the 2030 target of 500 GW. From 2024 to 2026, India's clean energy sector attracted approximately $64 billion in private investment, of which about $6.2 billion was foreign investment, while the government invested approximately $6 billion over the same period. Sarangi also stated that approximately 40 GW of clean energy capacity in India that has been awarded projects has yet to secure power purchasers, and the central government is coordinating with states to increase clean power procurement and battery storage deployment.

India plans to host the 2026 India Renewable Energy Summit in New Delhi from November 2 to 5, inviting financial institutions, project developers, and equipment manufacturers to participate in investment discussions. The conference will examine ways to raise the funds needed in the coming years, including attracting international capital, pension funds, and other institutional investors to participate in clean energy project financing.