Business
India Needs to Invest up to $215 Billion in Seven Years to Meet Its 500 GW Renewable Energy Target
India will need to invest between $190 billion and $215 billion over the next seven years to reach its target of 500 gigawatts (GW) of renewable energy capacity by 2030, according to a Moody’s report released on Wednesday. The report also stated that the country’s renewable energy capacity will continue to grow steadily.
According to the report, an additional $150 billion to $170 billion in investment will be needed for energy storage and the transmission and distribution of electricity.
Stable regulatory frameworks and government policies will support credit quality.
“The sizeable pipeline of announced projects will keep the financial leverage of renewable power companies rated by Moody’s high over the next 2-3 years – a credit negative – but the leverage of government-related issuers will remain moderate over the same period, given their relatively strong balance sheets,” said Abhishek Tyagi, a Vice President and Senior Credit Officer with Moody’s.
India’s share of renewable energy in its power capacity mix increased to approximately 43% in fiscal 2023 (which ended in March 2023) and fiscal 2024 thanks to strong policy support.
According to the report, the country will make considerable progress toward its 2030 transition targets and 2070 net-zero goals with continued policy support.
“We expect the strong growth in India’s renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years,” Tyagi stated.
To meet the country’s growing energy demands and environmental goals, the government is dedicated to advancing renewable energy initiatives, according to Union Minister for New and Renewable Energy and Consumer Affairs, Food, and Public Distribution Pralhad Joshi, who made this statement on Tuesday.
“Achieving self-reliance in terms of fuel and energy by 2047 is our conviction,” he said.
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