NEW DELHI, Oct 28 (Reuters) - India needs about $220 billion in clean energy investment over the next three years as it races to expand renewable power and grid infrastructure to meet its target of 500 GW of non-fossil fuel capacity by 2030, a senior government official said on Wednesday.
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Santosh Kumar Sarangi, the top official at the federal clean energy ministry, said the investments will be needed across solar and wind power, battery energy storage, green hydrogen and transmission infrastructure.
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India currently has about 308 GW of non-fossil fuel-based power generation capacity and is aiming to increase that to 500 GW as part of its broader efforts to reach net-zero emissions by 2070.
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The country has already developed a market for about 550,000 tonnes of green ammonia demand from overseas buyers, including Japan and South Korea, he said.
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Between 2024 and 2026, India attracted about $64 billion of private investment into the clean energy sector, including $6.2 billion in foreign investment, while the government invested an additional $6 billion, Sarangi said.
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Due to an increased clean energy push and a large number of project tenders awarded over recent years, about 40 GW of clean energy projects have yet to find customers.
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The federal government is working with state governments to encourage them to take on clean power and ramp up battery storage, Sarangi said.
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India will meet investors next week at a clean energy summit in New Delhi to discuss potential investments from several countries, including pension funds from Canada, he added.
Reporting by Sethuraman NR; Editing by Tasim Zahid
Source: Reuters