India’s renewable energy space received ₹7 trillion investment in past 10 years: Pralhad Joshi

New Delhi: India's renewable energy sector has received investments of about ₹7 trillion between 2013-2014 and 2022-23, said Pralhad Joshi, Union minister for new and renewable energy, adding that the country is set to revitalise its renewables sector.

During a discussion in the Rajya Sabha, Joshi said on Tuesday that the way forward for the renewable energy sector was to address present challenges as well as leverage opportunities for growth.

"I am confident that by addressing these areas, India can and India will achieve its ambitious renewable energy targets," Joshi said.

"India witnessed a significant shift in investment dynamics of RE projects with a funding of around ₹7 lakh crores during last 10 years, i.e., FY2014-FY2023," he said.

India aims to increase its non-fossil energy capacity to 500 GW by 2030, up from the current installed renewable energy capacity of about 180.79 GW. 

Joshi added that the government plans to set up 13,000 MW renewable capacity, including 9,000 MW of solar and 4,000 MW of wind energy, along with a 12,000 MWh battery energy storage system in Ladakh.

"An inter-state transmission system is to be set up for power evacuation and grid integration of the 13 GW RE projects in Ladakh and dispatch of power to other parts of the country," Joshi said.

Since 2014, India's installed renewable energy capacity has increased by 165%, from 76.38 GW in 2014 to 203.1 GW.

"For the first time ever in the country, we have crossed 200 GW capacity from non-fossil fuel sources. That includes 85.47 GW of solar power, 46.93 GW of large hydro, 46.66 GW of wind power, 10.95 GW of bio power, and 5.00 GW small hydro power," Joshi said.

India's installed solar energy capacity increased from 2.82 GW in March 2014 to 85.47 GW in June 2024, and the installed wind energy capacity from 21.04 GW to 46.66 GW, he said.

Total renewable energy generation in India has increased from 193.50 billion units (BU) in 2013-14 to 359.89 BU in 2023-24, with an increase of 86%, while the solar power tariff has come down from ₹10.95 per unit in 2010-11 to ₹2.60 in 2023-24, the minister added.

"India has achieved fourth position globally in RE Installed capacity. We stood fourth in wind power capacity and fifth in solar PV capacity," Joshi said.