RE-INVEST Pledges Rs 32.45 Lakh Crore for Renewable Energy by 2030

Union Minister for New and Renewal Energy Shri Pralhad Joshi said the 4th edition of REINVEST will be remembered as a historic event as it is the first time all stakeholders have come forward to pledge such substantial investments for a brighter tomorrow. It is the Prime Minister’s firm commitments that have resulted in this historic day yesterday where record investments worth 32.45 lakh crore in the form of Shapath Patra has been pledged by 2030.

Addressing a press conference in Gandhinagar, Gujrat today he said, Developers have committed an additional 570 GW, manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines and 10 GW in electrolysers. Shri Joshi said, beyond the figures and numbers, this is a big commitment by the States, Developers, banks, and financial institutions to join hands and work together for a cleaner and sustainable India. Shri Joshi thanked the Developers, Solar Module and solar cell manufacturers, equipment Manufacturers, electrolyser  manufacturers, Bank and financial Institutions who have come forward to pledge massive investments towards the renewable energy sector. This is a testament of the trust and faith the Indian and Global community has in DESTINATION INDIA, especially in the RE sector. This will leave a lasting impact when we start witnessing the results on people and the planet. Renewable Energy is the driving force for the Economy. The Prime Minister is leading from the front and walking the Talk. The world is looking up to him and India to lead the next wave of transformation in the Energy Sector. The results are there to witness. Shri Joshi said, Prime Minister is the driving force behind this transformation, showing both courage and innovation in conceptualizing and realizing our nation's renewable energy ambitions. He congratulated all the states & companies who have been applauded for leading the Renewable charge.

Union Minister said, it is a special day because the renewable energy sector made significant strides in first 100 days of this new Government under Shri Narendra Modi. It is also special because I had the opportunity to visit the Dandi Kutir today which brought back memories of the struggles Mahatma Gandhi made for the freedom struggle. The structure is beautiful and symbolically represents a mound of salt, which is symbolic of the Dandi march and Gandhiji’s Salt Satyagraha movement. He said I am thankful to the Prime Minister for inaugurating the 4th REINVEST Summit at Gujarat, from where he ignited the energy revolution. Now, the PM is not only leading our country towards the 500 GW target but is a beacon of hope for the globe.

CEO Roundtable-

Union Minister for New and Renewal Energy Shri Pralhad Joshi today chaired CEO Roundtable where he emphasized that 500 GW is not just a number and we are serious about it therefore CEOs must share what the facilitation required from the Government. CEOs provided inputs for ramping up the manufacturing, creating demand with effective enforcement of RPO, embedding circularity principles, and enhancing climate resilience if the projects.

The India-Germany Platform for Investments in Renewable Energies Worldwide, was launched at the 4th RE-INVEST, on 16 September 2024, to develop concrete and sustainable solutions for the accelerated expansion of renewable energy. The platform will bring together international stakeholders from across the globe, including the private sector (both financial sector and industry), international organizations, development banks and bilateral partners, to create business opportunities, for meeting the increasing demand for capital, technology transfer and innovative technical solutions.

Installed Solar PV Module manufacturing capacity-

Installed Solar PV Module manufacturing capacity in India in 2014 was around 2.3 GW and installed Solar PV Cell manufacturing capacity in India in 2014 was around 1.2 GW. Installed Solar PV Module manufacturing capacity in India as of now is around 67 GW (as per capacity enlisted in ALMM and additional applications received for enlistment in ALMM) and the installed Solar PV Cell manufacturing capacity as of now is around 8 GW.

 MNRE Achievements during 100 Days of the Government

1. 6.0 GW RE capacity commissioned between June, July, and August 2024 against the target of 4.5 GW.

2. Non-Fossil Installed Capacity reached 207.76 GW.

3. From June 2024 to August 2024, REIAs have issued RE power procurement bids for 14 GW against a Target of 10 GW.

4. Two Solar Parks completed.

5. 1 Lakh Solar Pumps installed under PM KUSUM.

 6. Under PM Surya Ghar Scheme, 3.56 lakh Rooftop Solar systems installed.

7. Cumulative 13.8 GW Solar Module production commenced in the Solar PLI Scheme .

8. Under the National Green Hydrogen Mission 11 companies were selected under the second tranche for electrolyzer manufacturing for a total capacity of 1500 MW/ annum.

9. Offshore Wind Scheme approved by the Cabinet on 19.06.2024, RFS issued by SECI.

10. IREDA has incorporated a subsidiary “IREDA Global Green Energy Finance IFSC Ltd” in GIFT City.