India is inviting global investments and expertise to expand its renewable energy (RE) sector—from ramping up solar photovoltaic (PV) manufacturing capacity to expanding the production of green hydrogen. The opportunities are spread across 493 projects worth $196.98 billion.

In this regard, the Minister of State for New and Renewable Energy Bhagwant Khuba attended the ‘Intersolar Europe 2022’ event, held at Munich, Germany, where he delivered the keynote address at an investment promotion programme—India’s Solar Energy Market.

India’s vast renewable energy resource potential and strong policy backing provide a strong foundation for achieving these goals, Khuba said.

‘Great opportunity’

“India offers a great opportunity for investments. Currently, around $196.98 billion worth of projects are underway in India. I once again invite all the developed countries and major RE players to utilise the opportunity India is offering to the world,” the Minister said.

He emphasised that India is committed to increase its domestic manufacturing potential of high-efficiency solar PV modules for which a total budget outlay of ₹24,000 crore is made.

Green Hydrogen Mission

Besides, to promote green hydrogen economy India has an estimated outlay of ₹25,425 crore. Green Hydrogen Mission has an expected outcome of generating 4.1 million tonnes (MT) of annual production.

In April 2021, the government approved the national programme on high efficiency solar PV modules to promote manufacturing of high efficiency solar PV modules, including the upstage vertical components like solar PV cells, wafers, ingots and polysilicon.

Letters of Award (LoAs) have been issued to three successful bidders for setting up about 9 gigawatt (GW) capacity of fully integrated solar PV module manufacturing units with initial allocation o₹4,500 crore. An additional outlay of ₹19,500 crore was announced in the Budget 2022-23. This would create a solar manufacturing capacity of 50 GW in India within the next 4-5 years.