India's annual renewable energy capacity addition needs to double to meet 2030 target: S&P

New Delhi [India], June 4 (ANI): To meet the country's ambitious 500 GW target, India's renewable sector will need to double its annual capacity addition to 50 gigawatts (GW) over 2025-2030, S&P Global Ratings said in a report.
This will mean almost doubling last year's capacity addition of 29GW.
The global rating agency said capacity addition will require USD 175 billion and up to USD 150 billion for the expansion and strengthening of the transmission and distribution network.
The next five years will be crucial as the country strives to meet its target of 500GW renewable capacity by 2030. This is a huge jump from the 214GW capacity as of March 2025, said S&P Global Ratings, adding that it believes onshore financing will aid capacity expansion.
S&P Global Ratings said most renewable energy companies will use debt to fund expansion, though the sector remains attractive for both equity and debt investors.
"More work needs to be done to expand India's renewable energy capacity. We forecast at least 50GW of annual renewable capacity addition will be required over 2025-2030 to achieve the 500GW target by 2030. This will mean almost doubling last year's capacity addition of 29GW," the report read.
Solar power remains the country's preferred renewable energy source because it is cheap and easy to execute.
India meets a sizable portion of its energy needs through coal-fired electricity, and renewable energy is seen as an avenue to reduce the dependence on conventional sources of power.
At COP26, held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. These included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.
India also aims to reduce the emissions intensity of GDP by 45 per cent reach net-zero emissions by 2070. (ANI)