India can attract over USD 20 billion investment in renewables in 2023: Industry estimates

India has the potential to attract an investment of over USD 20 billion in renewables in 2023 and requires a strong framework for sustainable power, say industry experts at the renewable energy conference REConIndia 2023 on Friday.

Based on the discussion at REConIndia 2023, a white paper will be prepared on solar power challenges, roadmap to make green hydrogen viable, propelling wind energy and state of green financing in India, a statement said. The conference was organised by Blue Circle on Friday, where experts, stakehoders and industry leaders deliberated on the key issues, challenges and opportunities in renewable energy in India.

Founder and CEO of Blue Circle Siddharth Anand said, “The industry estimates investment in excess of USD 20 billion in 2023”. Power and New & Renewable Energy Minister R K Singh in December 2022 also pegged the investment in renewables at around USD 25 billion in 2023. Anand also stated that the REConIndia 2023 brought together key decision-makers, thought leaders, and experts from across the industry, creating a platform for collaborative thinking and problem-solving. Alexander Hogeveen Rutter, Private Sector Specialist, International Solar Alliance, said that with a significant portion of wasteland at its disposal, India has the potential to unlock enormous opportunities by utilising it for setting up solar projects.

The development of floating solar fields is another area of exploration, which presents a unique advantage that the land beneath the panels can be used for farming by farmers who may have given up their land, Rutter added. A strong framework for the development of solar projects on wasteland can help build a sustainable and self-reliant India, Rutter suggested. Chairman, Blue Circle and MTaI, Pavan Choudary stated that there is increasing awareness and sensitivity towards sustainability. Many sectors have started initiating positive changes. For example, the medical equipment sector is taking a lead by planning longer working lives for the chassis of their products and medical disposable manufacturers are exploring the use of bio-degradable materials to reduce the environmental impact of their products, he added.

CEO, NTPC Renewables, Mohit Bhargava stated as India races towards its target of achieving 280 GW of solar energy by 2030, it is imperative to increase the production of solar power. Given the significant dependence on China for solar modules, India needs to step up its efforts to establish a robust domestic solar module manufacturing ecosystem, he suggested. While the government’s PLI (production-linked incentive) scheme holds promise, it may take time to yield results. Therefore, a holistic approach towards increasing domestic production capacities and incentivising domestic manufacturing is critical to meet India’s renewable energy goals, he also suggested.

Pankaj Sindwani, Chief Business Officer, Tata Cleantech Capital, stressed on increasing efforts to attract global investment and compete more aggressively. R P V Prasad, CEO-India, Envision Energy, said, as a renewable energy source, wind energy is expected to play a significant role in India’s energy mix in the coming years. It is projected that wind energy will contribute around 25 per cent of the total renewable energy production in India by 2030, he added. REConIndia 2023 witnessed participation of more than 250 subject matter experts, policymakers, innovators, investors, and startup founders.