India plans to produce 500 GW power from non-fossil sources by 2030

Over 200 gigawatts (GW) of renewable energy are being produced in the country now, while projects to produce another 430 GW are in the pipeline, Union New and Renewable Energy Minister Pralhad Joshi said in the Lok Sabha.

The minister also said that the Centre has taken several initiatives to promote and accelerate renewable energy capacity in the country, with a target to achieve 500 GW of installed electric capacity from non-fossil sources by 2030. "As of now we are producing over 200 GW renewable energy. Another 150 GW will be produced soon as projects are under different stages of implementation while tender process is on for 76 GW more. So we can say that 430 GW are in the pipeline," he said during the question hour.

Joshi said just Rs 6,000 crore was spent for renewable energy till the Modi government has assumed charge in 2014. But in last 10 years, Rs 36,950 crore has been spent for producing renewable energy, which is a 500% hike.

In this budget, Rs 21,000 crore has been earmarked for renewable energy, while the plan is to increase the investment up to Rs 1.60 lakh crore in coming years, he said.

The minister said that complete waiver has been given to Inter State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by June 30, 2025, for Green Hydrogen Projects till December 2030, and for offshore wind projects till December 2032.

Joshi said 100% FDI is also allowed under the automatic route for renewable energy generation and distribution projects. He said the Union Cabinet has approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects for installation, and commissioning of 1 GW of offshore wind energy projects.