India’s Renewable Energy Capacity Reaches 288.58 GW

From FY 2014 to FY 2026, the country's renewable energy sector has attracted Foreign Direct Investment (FDI) of USD 45.72 billion. Additionally, during the said period, domestic financial institutions, including 12 public sector banks, IREDA, PFC, REC, IIFCL, NaBFID, and SIDBI, have deployed Rs 12.32 lakh crore towards the renewable energy sector, the minister further stated.

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Meanwhile, India is well on track to achieve its target of 500 GW of non-fossil fuel energy capacity by 2030. The increase in the country’s renewable energy capacity has also come on the back of major advancements in domestic manufacturing of solar modules and cells.

The government is of the view that the next phase will require deeper integration of generation, storage and transmission systems, along with enhanced grid resilience.

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Renewable energy is also becoming a critical determinant of competitiveness in key industrial sectors such as steel, aluminium, chemicals, automotive and textiles. Emerging areas in the next phase of growth include green hydrogen, battery storage, pumped hydro, offshore wind, and round-the-clock renewable energy solutions.

Renewable energy now plays a critical role in meeting India’s record peak power demand, and contributed nearly one-third of the highest-ever demand of 256 GW.