India Achieves 850,000 Rooftop Solar Installations under PM-Surya Ghar: Pralhad Joshi

New Delhi: The 3rd India Energy Transition Summit, held by FICCI, is focusing on India's ambitious renewable energy targets. Hon'ble Minister for New & Renewable Energy Pralhad Joshi reaffirmed India's goal of achieving 500 GW of renewable energy capacity by 2030 and 1800 GW by 2047. India's PM-Surya Ghar initiative, which has already installed 850,000 rooftops, has made significant progress towards powering 10 million households with solar energy. This initiative, along with policy support and financial backing, positions India as a global leader in the clean energy transition.

Pralhad Joshi spoke at FICCI's 3rd India Energy Transition Summit, highlighting India's ambitious renewable energy goals under Prime Minister Narendra Modi's leadership. Addressing key stakeholders, he emphasized the country's commitment to building 500 GW of renewable energy capacity by 2030, with a long-term goal of 1,800 GW by 2047. India's renewable energy capacity has increased from 75 GW in 2014 to more than 220 GW now, showing significant progress in this sector.

The Minister also stressed on the importance of energy security, finance, and policy stability in driving this transformation, including the successful implementation of green hydrogen initiatives. He also underlined the importance of state governments, bankers, and other stakeholders in supporting this transition. The Minister assured that the government is actively addressing issues such as financing, policy implementation, and land acquisition, with regular consultations and meetings held with all relevant stakeholders.

“India is on track to become a global leader in renewable energy, with continuous efforts being made to accelerate the country's energy transition,” the minister added. The Minister reaffirmed the government's dedication to achieving these ambitious targets, ensuring energy security, and contributing to global decarbonization efforts."

M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Government of India, highlighted the financial roadmap, stating: "Mobilizing ₹33 lakh crore for India's energy transition is a formidable challenge, requiring a multi-pronged approach involving public sector banks, global financing institutions, and private capital While ₹10 lakh crore will be sourced from public sector banks, the remaining ₹23 lakh crore must come through innovative financing instruments, including green. bonds and structured debt solutions."

Echoing the industry's commitment, Shivanand Nimbargi, Chair, FICCI Renewable Energy CEOs Committee and MD & CEO, Ayana Power, added: "We are looking at an ambitious target of 500 GW by 2030, and working towards accelerating our journey to net zero. From an industry perspective, we assure the government of our full support in achieving these targets. With timely solutions to sectoral challenges, we can successfully drive India's energy transition towards a sustainable future."

Vipul Tuli, Chair, FICCI Power Committee and Chairman, South Asia & CEO, Hydrogen Business, Sembcorp Industries, underlined the importance of energy transition for India's economic growth: "Energy Transition is now a core issue for India's economic competitiveness, energy security, and With over 50 GW of module assembly and backward integration happening, we look forward to more manufacturing and technology innovation from IPPs."

The summit also saw the launch of FICCI’s report, ‘POWERING INDIA'S ENERGY TRANSITION: Strategies to Accelerate Renewable Integration and Decarbonization.’ Presenting the report, Vishal Mehta, Managing Director & Partner, BCG, stated: "Wind projects are becoming our most crucial asset class as India's demand profile shifts towards evening and night slots. Our analysis shows that to achieve our 50 GW annual RE target, we require about ₹ 1.5-2 lakh crore in debt financing and ₹75,000-80,000 crore in equity annually." The report provides strategic recommendations to overcome execution challenges in the RE sector, drive decarbonization, and attract both domestic and foreign capital.

The 2 day summit, organized by FICCI, serves as a strategic platform for accelerating India's energy transition. The summit brings together key stakeholders, including government officials, industry leaders, financial institutions, and technology innovators, to discuss critical areas such as renewable energy expansion, energy storage, green hydrogen, and financing mechanisms.

With discussions focused on accelerating clean energy adoption, fostering public-private partnerships, and mobilizing investments, the 3rd Edition of India Energy Transition Summit serves as a key milestone in India's energy transition journey, reinforcing its position as a global leader in renewable energy.