Leading Indian companies commit US$ 386 bn to support green energy

India is rapidly scaling up its green energy capacity, aiming to increase from over 200 GW to 500 GW by 2030. This effort is backed by $386 billion (Rs 32.45 lakh crore) in financial commitments from banks and institutions, announced by renewable energy minister Pralhad Joshi at the Renewable Energy Investor’s Meet and Expo in Gandhinagar.

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India is accelerating its green energy capacity with a goal to scale up from over 200 gigawatts (GW) to 500 GW by 2030, supported by financial commitments of $386 billion (Rs 32.45 lakh crore) from banks and financial institutions. This significant funding boost was announced by new and renewable energy minister, Pralhad Joshi, during the annual Renewable Energy Investor’s Meet and Expo in Gandhinagar.

At the event, major Indian conglomerates, such as Reliance Industries, Adani Group, Torrent Power, and state-run NTPC, alongside green energy firms like ReNew Power, outlined ambitious plans for renewable energy (RE) capacity additions. These announcements signal India’s serious commitment to meet its renewable energy targets, with a focus on solar, wind, and green hydrogen.

The combined pledges from developers total an additional 570 GW of capacity, including 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers. Gujarat leads the state-level commitments with a planned RE capacity addition of 128.6 GW by 2030, a major contribution to India’s overall goals.

Reliance Industries has pledged to add 100 GW of renewable energy capacity by 2030, including 20 GW per year of integrated solar PV and 20 GW equivalent of glass. This forms a major part of the company’s transition towards green energy. Similarly, NTPC and ReNew Power have committed to adding 41 GW and 40 GW of renewable energy capacity respectively by 2030.

Adani Group, a major player in India’s energy sector, has made significant strides toward green energy investment, pledging Rs 4.05 lakh crore. Adani Green Energy aims to install 38.8 GW of renewable energy capacity by 2030. In addition, Adani New Industries plans to develop a 10 GW solar manufacturing plant, 5 GW wind manufacturing unit, and a 10 GW green hydrogen production facility, alongside green ammonia production and electrolyser manufacturing.

Torrent Power also announced its own ambitious goals, committing Rs 64,000 crore for renewable energy projects, which are expected to create 26,000 jobs. Torrent Power aims to reach 10 GW of installed RE capacity by 2030, and signed a Memorandum of Understanding (MoU) with the Government of Gujarat to execute a 5 GW solar, wind, or hybrid project in Dwarka District.

Furthermore, Torrent Power is exploring opportunities in green hydrogen and green ammonia production for both domestic and export markets. The company’s second commitment involves setting up a 100,000 KTPA green ammonia production facility with an investment of Rs 7,200 crore.

Financial institutions are also stepping up their support for India’s renewable energy mission. State-owned power sector lender REC Ltd has committed Rs 6 trillion to facilitate RE integration, while IREDA and the State Bank of India have each committed Rs 5 trillion in financing for renewable projects.

India’s renewable energy journey has already seen remarkable growth, with installed RE capacity rising from 75.52 GW in 2014 to over 207.7 GW now, a 175% increase in just ten years. During the same period, RE generation in India grew by 86%, from 193.50 billion units to 360 billion units, reflecting the country’s progress toward a greener, more sustainable energy future.