India plans to boost renewables with grid investments of $109 Billion

India has planned a massive upgrade and expansion of its power transmission system. The Power Ministry said that the country is expecting investment opportunities of $109 billion to support the integration of renewable energy sources and storage solutions.

India’s new National Electricity Plan (Transmission) envisages the addition of hundreds of thousands of kilometers of transmission lines, transformation capacity, and inter-regional transmission capacity by 2032. The nation aims to have 500 gigawatts (GW) of renewable energy capacity installed by 2030 and more than 600 GW by 2032, according to the National Electricity Plan.

India’s Power Minister Manohar Lal said in a statement that the country expects its power demand to surge to 708 GW by 2047. To meet this demand, India needs to quadruple its power capacity, the minister added.

“This is not just about increasing capacity; it's about reimagining our entire energy landscape,” Lal said.

“We have set an ambitious target of 500 GW of non-fossil energy capacity by 2030, effectively doubling our current capacity,” he added.

This push towards green energy aligns with India’s commitment to reducing carbon emissions by one billion tons by 2030 and achieving net-zero emissions by 2070, the power ministry said.

Last month, Renewables Energy Minister Pralhad Joshi said that financial institutions had pledged $386 billion in investment commitments to help India boost its renewable energy industry. The country will need to install at least 44 GW of clean energy capacity every year by the end of the decade to meet the 500-GW goal, according to Bloomberg’s estimates based on data from the Indian Ministry of Power.

India-based conglomerates Reliance Industries and Adani are among the companies that have pledged additional renewable energy capacity. While Reliance committed 100 GW of additional renewable capacity, Adani Green Energy pledged to develop 38.8 GW of capacity.