India Surpasses 850,000 Rooftop Solar Installations, Reaffirms RE Goal

India has already surpassed 850,000 rooftop solar installations, making significant progress toward the goal of powering 10 million households. This was revealed by Minister for New and Renewable Energy Pralhad Joshi at FICCI’s 3rd India Energy Transition Summit, where he reaffirmed the government’s commitment to achieving 500 GW of renewable energy capacity by 2030 and 1,800 GW by 2047.

He emphasised that ongoing policy support and financial backing will strengthen India's position as a global leader in clean energy.

He further underscored India's remarkable growth in renewable energy, increasing its capacity from 75 GW in 2014 to over 220 GW today. He also highlighted the crucial role of energy security, financial investment, and policy stability in accelerating India's clean energy transition. Stressing the need for collaborative efforts, he called on state governments, financial institutions, and industry leaders to drive the momentum forward.

M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, outlined the financial roadmap required to achieve India's renewable energy goals, stating, “Mobilising INR 33 lakh crore for India’s energy transition is a formidable challenge, requiring a multi-pronged approach involving public sector banks, global financing institutions, and private capital. While INR 10 lakh crore will be sourced from public sector banks, the remaining INR 23 lakh crore must come through innovative financing instruments, including green bonds and structured debt solutions.”

Shivanand Nimbargi, Chair, FICCI Renewable Energy CEOs Committee and MD and CEO of Ayana Power, stated, “We are looking at an ambitious target of 500 GW by 2030 and working towards accelerating our journey to net zero. From an industry perspective, we assure the government of our full support in achieving these targets. With timely solutions to sectoral challenges, we can successfully drive India's energy transition towards a sustainable future.”

Vipul Tuli, Chair, FICCI Power Committee and Chairman, South Asia and CEO, Hydrogen Business, Sembcorp Industries, emphasised the economic impact of the energy transition, saying, “Energy transition is now a core issue for India's economic competitiveness, energy security, and investment opportunities. With over 50 GW of module assembly and backward integration happening, we look forward to more manufacturing and technology innovation from IPPs.”

The event also marked the release of FICCI’s report, ‘POWERING INDIA'S ENERGY TRANSITION: Strategies to Accelerate Renewable Integration and Decarbonisation.’ Presenting the report, Vishal Mehta, Managing Director and Partner at BCG, underscored the critical role of wind projects in India's future energy landscape, saying, “Wind projects are becoming our most crucial asset class as India’s demand profile shifts towards evening and night slots. Our analysis shows that to achieve our 50 GW annual RE target, we require about INR 1.5-2 lakh crore in debt financing and INR 75,000-80,000 crore in equity annually.” The report outlines key strategies to overcome execution challenges, accelerate decarbonisation, and attract both domestic and foreign investment.

The two-day summit, organised by FICCI brought together government officials, industry leaders, financial institutions, and technology innovators to discuss critical topics such as renewable energy expansion, energy storage, green hydrogen, and financing mechanisms.