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India’s Renewable Energy Drive aims $360 Billion Investment by 2030
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India’s Renewable Energy Drive aims $360 Billion Investment by 2030

Jun 14, 2024

India aims to attract investments totaling between $340 billion to $385 billion over the next seven years, according to a recent report by Moody’s. This initiative, spearheaded by the government’s robust policies and stable regulatory frameworks, seeks to bolster the nation’s energy security while mitigating environmental concerns.

The report underscores the necessity for substantial investments not only in renewable energy capacity, estimated at $190 billion-$215 billion, but also in crucial infrastructure such as electricity transmission, distribution, and energy storage, requiring an additional $150 billion-$170 billion. Abhishek Tyagi, a Vice President and Senior Credit Officer at Moody’s, highlighted that while renewable power companies may face high financial leverage in the short term due to the sizable project pipeline, government-related issuers are expected to maintain moderate leverage owing to their strong balance sheets.

India’s significant strides in renewable energy have propelled its power capacity mix, with renewables accounting for approximately 43% in fiscal 2023 and fiscal 2024. Despite this progress, coal will continue to play a substantial role in electricity generation for the foreseeable future, noted Tyagi.

Union Minister for New and Renewable Energy, Prahlad Joshi, reiterated the government’s commitment to accelerating renewable energy initiatives to meet escalating energy demands and environmental objectives. “Achieving self-reliance in terms of fuel and energy by 2047 is our conviction,” Joshi affirmed, emphasizing the nation’s determination towards sustainability and energy autonomy.

With a steadfast focus on renewable energy expansion and a conducive regulatory environment, India aims to make significant strides towards its 2030 transition targets and eventual net-zero aspirations by 2070.

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