4th RE-INVEST draws investment of INR 32.45 lakh crore: Pralhad Joshi

The developers have committed an additional 570 GW and manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines and 10 GW in electrolysers.

The 4th edition of REINVEST will be remembered as a historic event as it is the first time all stakeholders have come forward to pledge such substantial investments for a brighter tomorrow. It is the Prime Minister’s firm commitments that have resulted in this historic day where record investments worth INR 32.45 lakh crore in the form of Shapath Patra have been pledged by 2030. This was stated by Pralhad Joshi, the Union Minister for New and Renewal Energy Pralhad Joshi at the event.

Addressing a press conference in Gandhinagar, Gujrat today he said that developers have committed an additional 570 GW, manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines and 10 GW in electrolysers. Joshi said, beyond the figures and numbers, this is a big commitment by the States, Developers, banks, and financial institutions to join hands and work together for a cleaner and sustainable India. Shri Joshi thanked the Developers, Solar Module and solar cell manufacturers, equipment Manufacturers, electrolyser manufacturers, banks and financial Institutions who have come forward to pledge massive investments towards the renewable energy sector. This is a testament to the trust and faith the Indian and Global community has in DESTINATION INDIA, especially in the RE sector. This will leave a lasting impact when we start witnessing the results on people and the planet. Renewable Energy is the driving force for the Economy. The Prime Minister is leading from the front and walking the Talk. The world is looking up to him and India to lead the next wave of transformation in the Energy Sector. The results are there to witness. Joshi said the Prime Minister is the driving force behind this transformation, showing both courage and innovation in conceptualizing and realizing our nation’s renewable energy ambitions. He congratulated all the states & companies who have been applauded for leading the Renewable charge.

Union Minister said it is a special day because the renewable energy sector made significant strides in the first 100 days of this new Government under Narendra Modi. It is also special because I had the opportunity to visit the Dandi Kutir today which brought back memories of the struggles Mahatma Gandhi made for the freedom struggle. The structure is beautiful and symbolically represents a mound of salt, which is symbolic of the Dandi march and Gandhiji’s Salt Satyagraha movement. He said I am thankful to the Prime Minister for inaugurating the 4th REINVEST Summit in Gujarat, from where he ignited the energy revolution. Now, the PM is not only leading our country towards the 500 GW target but is a beacon of hope for the globe.

Union Minister for New and Renewal Energy Pralhad Joshi chaired the CEO Roundtable where he emphasized that 500 GW is not just a number and we are serious about it therefore CEOs must share what the facilitation required from the Government. CEOs provided inputs for ramping up the manufacturing, creating demand with effective enforcement of RPO, embedding circularity principles, and enhancing climate resilience if the projects.

The India-Germany Platform for Investments in Renewable Energies Worldwide was launched at the 4th RE-INVEST, on 16 September 2024, to develop concrete and sustainable solutions for the accelerated expansion of renewable energy. The platform will bring together international stakeholders from across the globe, including the private sector (both financial sector and industry), international organizations, development banks and bilateral partners, to create business opportunities, for meeting the increasing demand for capital, technology transfer and innovative technical solutions.

Installed Solar PV Module manufacturing capacity in India in 2014 was around 2.3 GW and installed Solar PV Cell manufacturing capacity in India in 2014 was around 1.2 GW. The installed Solar PV Module manufacturing capacity in India as of now is around 67 GW (as per capacity enlisted in ALMM and additional applications received for enlistment in ALMM) and the installed Solar PV Cell manufacturing capacity as of now is around 8 GW.