New Delhi: Twelve public sector banks, along with IREDA, PFC, REC, NaBFID, IIFCL and SIDBI, have cumulatively lent to India's renewable energy sector over the past dozen years, according to a written reply by Minister of State for New & Renewable Energy and Power Shripad Yesso Naik in the Rajya Sabha on Tuesday. Citing data from the Department of Financial Services, Naik said these lenders "have cumulatively deployed approx INR 16.92 Lakh Crores in Renewable Energy sector, including solar energy sector" over the period from FY14 to FY26.
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On the equity side, the minister said the sector had drawn foreign capital over the same window. "As per DPIIT data, since FY 13-14 till FY 25-26, 'Non-Conventional Energy' sector has attracted FDI of USD 22.33 Billion (approx.), which includes solar energy sector," Naik stated. He added that foreign direct investment "up to 100 per cent is permissible through automatic route" for setting up renewable energy projects, including solar.
The financing figures accompany a sharp rise in annual capacity additions. In a separate written reply the same day, Naik provided source-wise renewable energy capacity added over the last two years. Total renewable capacity addition rose to 54,591.78 MW in FY26 from 29,523.65 MW in FY25, an increase of about 85 percent. Solar accounted for the bulk of the jump, rising to 44,614.25 MW in FY26 from 23,832.87 MW a year earlier, an increase of roughly 87 percent. Wind additions rose to 6,057.02 MW from 4,151.31 MW over the same period.
Total installed solar capacity stood at 162.15 GW as on June 30, according to the minister's reply.
Naik said the share of renewable energy in the overall electricity generation mix rose to 25.97 percent during FY26. He also cited a June 2026 study by the Council on Energy, Environment and Water, under which "about 28.20 lakh employment opportunities are estimated to be generated in renewable energy sector by June, 2026."
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On emissions, the minister pointed to India's first Biennial Transparency Report submitted to the UNFCCC in April 2026, which he said estimated greenhouse gas emissions avoided through solar power policies at 55.5 and 76.9 million tonnes of CO₂ equivalent in 2021 and 2022, respectively, with wind power policies avoiding 52.5 and 57.5 MtCO₂e over the same two years.