Context

• The Prime Minister of India inaugurated the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST) in Gandhinagar, Gujarat. This prestigious event brings together key stakeholders in the renewable energy sector, including government officials, industry leaders, investors, researchers, and policymakers, to discuss and promote investment opportunities in India's renewable energy landscape.

About RE-INVEST

• RE-INVEST was organized by the Ministry of New and Renewable Energy in collaboration with the Confederation of Indian Industry (CII). 
• The event serves as a global platform to showcase India’s commitment to renewable energy and attract global investments to fuel the country's clean energy transition.

Key Highlights of RE-INVEST 2024

• Financial Commitments for Green Projects:Banks and financial institutions have committed a total of ₹32.45 trillion to finance green projects, reflecting strong support from the financial sector for India’s renewable energy ambitions. Top lenders include:
  • Reliance: ₹6 trillion
  • Indian Renewable Energy Development Agency Ltd (IREDA): ₹5 trillion
  • State Bank of India (SBI): ₹5 trillion
  • Power Finance Corporation (PFC): ₹3 trillion
  • National Bank for Financing Infrastructure and Development (NaBFID): ₹1.86 trillion
• Support from Developers and Manufacturers:Manufacturers have committed to enhancing their production capacities, which include:
  • 340 GW in solar modules
  • 240 GW in solar cells
  • 22 GW in wind turbines
  • 10 GW in electrolysersOther stakeholders have committed an additional 570 GW of capacity addition in the renewable sector.
• Invitation to Global Stakeholders:India has invited global stakeholders to invest in its fast-growing renewable energy sector, emphasizing its commitment to sustainable energy solutions to meet the rising energy demand.
• Focus on Sustainable Energy Demand:The Indian government is determined to meet the increasing energy demand through sustainable means, primarily renewable energy, making significant strides in solar, wind, and green hydrogen sectors.
• Reduction in Solar Power Tariffs:A notable achievement highlighted at RE-INVEST is the 76% reduction in tariffs for grid-connected solar power plants. This reduction makes solar energy more affordable and attractive for developers and consumers, further boosting India's solar energy adoption.

Major Initiatives of the Indian Government in Renewable Energy