India is set to see investments of around $500 billion in the renewables sector by 2030 to meet its 450 GW target, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA).
“We estimate that striving for 450 gigawatts of renewable energy by 2030 would require deploying $500 billion of investment over the coming decade”, said Tim Buckley, Director Energy Finance Studies, South Asia, at the IEEFA.
The breakup of $500 billion is as follows:
- $300 billion for wind and solar infrastructure
- $50 billion on grid firming investments such as gas-peakers, hydro and batteries
- $150 billion on expanding and modernizing transmission and distribution
The sources of capital range from private equity, global pensions funds and sovereign wealth funds, multinational development banks and Indian state-owned enterprises and power billionaires.