Historic Investments Pledged at REINVEST 2024: A Major Step Towards India’s Renewable Energy Future

Gandhinagar: Union Minister for New and Renewable Energy, Pralhad Joshi, hailed the 4th edition of REINVEST as a historic milestone in India’s renewable energy journey. At a press conference today, he announced that a record-breaking ₹32.45 lakh crore in investments had been pledged by stakeholders across various sectors, setting the stage for a brighter and more sustainable future by 2030.

Speaking in Gandhinagar, Joshi attributed this monumental achievement to the visionary leadership of Prime Minister Narendra Modi, whose commitment to clean energy has inspired developers, manufacturers, and financial institutions to join forces for the nation’s renewable energy goals. He highlighted the collective pledge for an additional 570 GW of renewable energy capacity, alongside commitments to increase manufacturing capabilities to 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers.

“These are not just numbers, they represent a massive commitment by states, developers, and financial institutions working together for a cleaner and greener India,” Joshi stated. He thanked industry leaders, banks, and manufacturers for their unwavering support, adding, “The trust and faith that the global community places in India’s renewable energy sector is truly inspiring.”

Joshi emphasized the crucial role of renewable energy in driving India’s economic growth, noting that the sector has made significant strides within the first 100 days of the new government under Prime Minister Modi. “The Prime Minister is not only steering India toward achieving a 500 GW renewable energy target, but also serving as a beacon of hope for global energy transformation,” the Minister said, commending the PM for his leadership in igniting this energy revolution.

During the summit, Joshi chaired a CEO Roundtable, where he stressed the seriousness of India’s commitment to its 500 GW renewable energy target. He urged CEOs to share insights on how the government could further facilitate the sector’s growth. In response, industry leaders discussed the need for ramping up manufacturing, strengthening Renewable Purchase Obligations (RPOs), and embedding climate resilience into future projects.

A major highlight of the summit was the launch of the India-Germany Platform for Investments in Renewable Energies Worldwide. This initiative, launched on September 16, 2024, seeks to develop sustainable solutions for the accelerated expansion of renewable energy by bringing together global stakeholders, including private sector investors, development banks, and international organizations.

Joshi also reflected on his visit to the Dandi Kutir, a symbol of Mahatma Gandhi’s Salt Satyagraha, underscoring the importance of India’s historical journey towards freedom and its parallels with today’s energy independence efforts.

Surge in Solar Manufacturing Capacity

In his address, the Union Minister highlighted India’s tremendous progress in solar manufacturing over the past decade. In 2014, India’s installed Solar PV Module manufacturing capacity was just 2.3 GW, with Solar PV Cell capacity at 1.2 GW. Today, these figures have surged to 67 GW in Solar PV Module capacity and 8 GW in Solar PV Cell capacity, reflecting India’s growing prowess in the global renewable energy market.