India needs approximately $220 Bn in clean energy investments over the next three years to expand renewable power generation and grid infrastructure and meet its target of 500 gigawatts (GW) of non-fossil fuel capacity by 2030, Reuters reported on October 28, citing Santosh Kumar Sarangi a senior official at India’s renewable energy ministry.

The investments will be required across solar and wind power, battery energy storage, green hydrogen, and transmission infrastructure, Sarangi said.

India currently has approximately 308 GW of non-fossil fuel-based power generation capacity. The country aims to increase this to 500 GW by 2030 as part of its broader target of achieving net-zero emissions by 2070.

Between 2024 and 2026, India attracted approximately $64 Bn in private clean energy investments, including $6.2 Bn in foreign investments, while the government invested an additional $6 Bn, Sarangi said.

The country has also developed a market for approximately 550,000 tons of green ammonia demanded by overseas buyers, including Japan and South Korea.

However, approximately 40 GW of clean energy projects remain without buyers following a large number of project tenders awarded in recent years. The federal government is working with state governments to encourage greater adoption of clean power and expand battery storage capacity, Sarangi said.

India will meet investors at a clean energy summit in New Delhi next week to discuss potential investments from several countries, including Canadian pension funds, he added.

India aims to achieve 500 GW of non-fossil fuel-based electricity capacity by 2030 and reach net-zero emissions by 2070. The country’s clean energy expansion requires investment in renewable generation, energy storage, and transmission infrastructure to integrate additional capacity into the power grid.