India Targets 500 GW Renewable Energy Capacity by 2030

Union Minister of New and Renewable Energy Shri Pralhad Joshi announced that a dedicated task force with all stakeholders will be set up by the Ministry of New and Renewable Energy (MNRE) in collaboration with the Ministry of Power to achieve the goal of 500 GW by 2030. The Minister was addressing the valedictory session of the two-day Chintan Shivir event organised by MNRE in Bhubaneswar, Odisha.

The Union Minister emphasized the need to install 288 GW of renewable energy capacity over the next six years, requiring a substantial investment of ₹42 lakh crore, including transmission infrastructure. This requires all stakeholders to work together to solve the various challenges in the RE sector, he said.

Union Minister Joshi highlighted that the event brought together 117 industry leaders and 67 representatives from states and PSUs, with participation from 12 major renewable energy-producing states. He reiterated India’s commitment to the “Panchamrit” goals announced by Prime Minister Narendra Modi, emphasizing the 2030 target of 500 GW of renewable energy capacity.

The Minister also said that MNRE will organize hackathons for startups in the RE sector, with assured offtake to promote indigenization of renewable energy technologies and solutions. A new Joint Centre of Excellence for R&D will also be established in collaboration with the Ministry of Power to foster innovation and technological advancements in the RE sector. The Minister called for the early finalization of Power Purchase Agreements (PPAs) and strict enforcement of Renewable Purchase Obligations (RPOs) to ensure the success of renewable energy projects.

Shri Joshi noted Odisha’s immense renewable energy potential, with 140 GW of solar capacity and significant opportunities in green hydrogen, owing to its long coastline and port infrastructure. The Centre aims to develop Odisha as a major hub for renewable energy and explore the scope of green hydrogen production in the state. The potential for floating solar panels in Odisha will also be explored, he said. He also highlighted that a 6,000 MW manufacturing capacity for production of solar modules, solar cells & ingot-wafer at Dhenkanal District, Odisha with expected investment of around Rs. 9,000 crore is being set up by an agency. He also said that another agency is setting up 1,000 MW manufacturing capacity for production of solar  modules & cells, at Infovalley-II, Khorda, Bhubaneswar, Odisha, with expected investment of around Rs. 730 crore.

Union Minister Joshi also highlighted that PM Surya Ghar Yojana will achieve over 5 lakh installations by the end of November 2024. He added that suggestions to expand the Production Linked Incentive (PLI) scheme for the domestic manufacturing of solar modules and cells are being considered.

Concluding his address, the Minister said “ We leave this Shivir not only with a stonger sense of purpose but also with a more refined and comprehensive roadmap than we had two days ago”

Deputy Chief Minister of Odisha Shri Kanak Vardhan Singh Deo stated that the Government of Odisha stands with the Union Government in meeting the ‘Panchamrit’ targets set by Prime Minister Shri Narendra Modi.

Secretary MNRE Shri Prashant Kumar Singh noted that the Chintan Shivir enabled the successful exchange of ideas and that the Ministry is committed to strong inter-ministerial coordination to solve the various challenges in the sector. Principal Energy Secretary Odisha Shri Vishal Kumar Dev also addressed the event. Additional Secretary Shri Sudeep Jain extended a vote of thanks to all stakeholders who attended the session.

The two-day Chintan Shivir 2024 kicked off with full vigour on November 14, 2024, at Bhubaneswar, Odisha, discussing the critical challenges in the RE sector as outlined by Union Minister Shri Pralhad Joshi in his inaugural address. Over two days, 17 sessions encompassing a range of critical topics such as solar and wind energy deployment , green hydrogen, energy storage, land evacuation and transmission planning and policy development, were held to achieve ambitious goal of 500 GW of non-fossil fuel energy by 2030. These sessions were attended by leading decision-makers, financial institutions, industrialists, CEOs, and key officials from central and state governments who are integral to India's renewable energy journey.