India eyes $220 billion to power renewable push by 2030

India will need $220 billion in fresh investment from FY27 to FY30 to expand renewable power, transmission, manufacturing and emerging green technologies, the Union Ministry of New and Renewable Energy said on Wednesday.

Investment Breakdown

Solar projects are expected to draw $70‑75 billion, transmission upgrades $40‑45 billion, wind farms $25‑30 billion, green hydrogen $20‑25 billion and manufacturing $15‑20 billion.

Funding So Far

The sector attracted about $64 billion in private capital between July 2024 and June 2026, of which $6.2 billion was foreign direct investment. The government added a further $6 billion to support development.

Green Hydrogen & New Initiatives

Developers have secured orders for 5.5 lakh tonnes of green hydrogen through 2026, targeting steelmaking, shipping and road transport. The EU, Japan and South Korea are looking at green ammonia and methanol supplies. The Indian Council of Agricultural Research, together with the National Green Hydrogen Mission, is testing green ammonia as a urea substitute on a 10,000‑acre pilot across six states. The MNRE is drafting a geothermal‑exploration‑rights framework modelled on the hydrocarbons sector; officials expect it within one to two months. The ministry also highlighted the need to speed up battery‑energy‑storage deployment to curb peak‑demand pressures. Prime Minister Narendra Modi will inaugurate the four‑day Bharat Renewable Energy Summit & Expo on Nov 2, with delegations from Australia, the UK, France, Germany, Norway and several Indian chief ministers.

Context

Large‑scale renewable investment is central to India’s climate targets and its aim to lower reliance on imported fuels, while new technologies like green hydrogen and battery storage are seen as future growth engines.