Solar Energy

In this episode of 'India for the World Podcast by Mint and BCG,' we explore India's ambitious energy transition goals. Join host Nehal Chaliawala, as he discusses renewable energy, green hydrogen, and storage solutions with Mahesh Kolli, Founder and Group President - Greenko Group, and Vishal Mehta, Leader for Energy Practice - Boston Consulting Group in India. Discover India's vision of becoming a global powerhouse in green energy, the challenges of achieving 500 gigawatts of renewable energy by 2030, and the role of green hydrogen in transforming India's energy market.

Union Minister Pralhad Joshi addressed the 5th CII International Energy Conference and Exhibition in New Delhi, highlighting India’s growing role in the global renewable energy sector. Joshi announced India’s ambition to become the renewable energy capital of the world and emphasized the nation’s promising position in the clean energy space. He shared that India added 15 GW of renewable energy capacity between April and November of FY25, nearly double the amount added during the same period last year. The Minister also reaffirmed the Union Government's commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030. Watch the full speech to learn more about India's renewable energy journey and future goals!

Reliance Industries Ltd (RIL), led by Mukesh Ambani, is doubling its green energy investment target to ₹1.5 trillion, showing its commitment to sustainability. RIL is progressing on the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, with investments in solar, wind, and battery manufacturing. It's competing with Tata and Adani groups in India's new energy sector. RIL plans to establish 100 GW of solar energy by 2030, build giga factories, and has partnerships with various companies. This push aligns with global trends as companies like ExxonMobil and BP aim for net-zero emissions.

India aims to achieve 50% non-fossil fuel installed capacity by 2030, according to Prime Minister Narendra Modi's address to G20 Energy Ministers. India has already surpassed its non-fossil installed electric capacity target, achieving milestones like connecting households with LPG and providing electricity to every village. The nation launched extensive LED distribution and agricultural pump solarization programs. It aspires to become a global hub for green hydrogen production and emphasized sustainable energy transition. Modi also highlighted the importance of low-cost finance for developing countries and proposed transnational grid interconnections for energy security. He introduced Mission Life to make individuals climate champions for a greener future.

Every year, the world uses approx 35 billion barrels of oil. This massive scale of fossil fuel dependence pollutes the earth, and it won’t last forever. On the other hand, we have abundant sun, water and wind, which are all renewable energy sources. So why don’t we exchange our fossil fuel dependence for an existence based only on renewables?

The government plans to introduce a scheme to build renewable energy parks with solar, wind and biomass plants, before an existing scheme for solar parks ends at the close of this fiscal year. Projects in a renewable energy park require fewer approvals, and they provide a focused zone with proper infrastructure, amenities and limited risk.

However, clarity is awaited on the continuation of the safeguard duty on imported cells and modules, which is currently at 14.5%, and valid till July 2021, a note from credit ratings agency Icra said

Given long deal making duration, Indian promoters cautious about finding any such encumbrances later to avoid potential setback for fund raising exercise

The Solar power capacity bid entailing a ₹35,000 crore investment comes even as earlier clean energy contracts hang fire due to the state government’s decision to renegotiate PPAsIndia’ solar power tariffs have touched a record low of ₹2.36 per unit

The govt also plans to censure promoters of such companies, preventing them from taking part in future projects