The New and Renewal Energy recently launched the 4th RE-INVEST Summit 2024 at Gujarat, where all stakeholders pledged for substantial investments for a brighter tomorrow.
Key Highlights of RE-INVEST (4th edition):
- The event marked record investments worth 32.45 lakh crore in the form of Shapath Patra, pledged by 2030.
- Developers committed an additional 570 GW, and manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines and 10 GW in electrolyzers.
- The India-Germany Platform for Investments in Renewable Energies Worldwide, was launched to develop concrete and sustainable solutions for accelerated expansion of renewable energy.
- It is to create business opportunities, for meeting the increasing demand for capital, technology transfer and innovative technical solutions.
- This is a big commitment by the States, Developers, banks, and financial institutions to join hands and work together for a cleaner and sustainable India.
- It would act as a testament of the trust and faith the Indian and Global community has in DESTINATION INDIA, especially in the Renewable Energy (RE) sector.
- Installed Solar PV Module manufacturing capacity in India was around 2.3 GW (2014) which increased to 67 GW in 2024.
- Installed Solar PV Cell manufacturing capacity in India was around 1.2 GW (2014), and increased to 8 GW in 2024.
Recent Key achievements of the Ministry:
- 6.0 GW RE capacity commissioned from June- August 2024 against the target of 4.5 GW.
- Non-Fossil Installed Capacity reached 207.76 GW.
- From June 2024 to August 2024, REIAs (Renewable Energy Implementing Agencies) issued RE power procurement bids for 14 GW against a Target of 10 GW.
- Two Solar Parks completed.
- 1 Lakh Solar Pumps installed under PM KUSUM.
- Under PM Surya Ghar Scheme, 3.56 lakh Rooftop Solar systems installed.
- Cumulative 13.8 GW Solar Module production commenced in the Solar PLI Scheme.
- Under the National Green Hydrogen Mission 11 companies were selected under the second tranche for electrolyzer manufacturing for a total capacity of 1500 MW/ annum.
- Offshore Wind Scheme was approved by the Cabinet.
- Indian Renewable Energy Development Agency (IREDA) incorporated a subsidiary “IREDA Global Green Energy Finance IFSC Ltd” in GIFT City.
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Frequently Asked Question:
What is RE-INVEST?
RE-INVEST is an international conference focused on promoting investments in renewable energy. The 4th edition showcased initiatives aimed at accelerating renewable energy expansion in India.
What record investments were announced during the event?
The event marked record investments worth ₹32.45 lakh crore, pledged through the Shapath Patra, aimed for realization by 2030.
How has India’s solar manufacturing capacity changed over the years?
Solar PV Module Manufacturing: Increased from approximately 2.3 GW in 2014 to 67 GW in 2024.
Solar PV Cell Manufacturing: Increased from about 1.2 GW in 2014 to 8 GW in 2024.