Renewable energy companies pledge to invest Rs 32 lakh crore, ET EnergyWorld

Gandhinagar: Renewable energy companies, including power and equipment manufacturers, have pledged to invest a whopping Rs 32.45 lakh crore in India as part of efforts to provide fresh finance to the sector.

The pledges were made at the ongoing REInvest event organised by MNRE in Gandhinagar, Gujarat. Prime Minister Narendra Modi inaugurated the event today, assuring investors of “better guaranteed returns” in the renewable energy industry.

The commitments include installation of 569 GW of fresh capacity at a rate of Rs 5 crore per Mw, leading to a total investment of Rs 28.45 lakh crore. The equipment companies have committed to install 338 GW of solar module capacity, leading to a total investment of Rs 68,000 crore, and 239 GW of solar cell capacity with an investment of Rs 1.55 lakh crore.

The event also witnessed additional financial liabilities of banks and financial institutions amounting to $295 billion.

Published on September 16, 2024 at 16:09 IST

Join a community of over 2 million industry professionals

Sign up for our newsletter to receive the latest news and analysis.

Download the ETEnergyworld app