India Plans US$109 Billion of Grid Investments
The grid investments will support the integration of renewable energy sources and storage solutions.
Image for illustration purposes.
India is embarking on an ambitious plan to transform its energy landscape by investing $109 billion in grid upgrades and expansions to support the integration of renewable energy sources and storage solutions. The country aims to achieve 500 GW of renewable energy capacity by 2030 and over 600 GW by 2032, as part of the National Electricity Plan unveiled by the Indian government.
The plan is part of India’s commitment to reducing carbon emissions by one billion tons by 2030 and achieving net-zero emissions by 2070. To meet the country’s growing energy demand, India needs to quadruple its power capacity, according to Power Minister Manohar Lal. The minister emphasized that this is not just about increasing capacity, but about reimagining the entire energy landscape.
The plan includes the development of renewable energy hubs in coastal regions, such as Mundra, Kandla, Gopalpur, Paradeep, Tuticorin, Vizag, and others. These hubs will play a crucial role in fostering a green industrial economy. India’s renewable energy sector has already seen significant growth, with solar power installed capacity increasing from 2.6 GW to 90.76 GW since 2014, and wind capacity increasing from 21 GW to 47.36 GW during the same period.
Source: oilprice.com
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