New Delhi: India’s renewable energy (RE) sector has drawn USD 67 billion of investment over the past two years, Union New and Renewable Energy Minister Pralhad Joshi said on Monday. He used the figure to urge investors to take part in the country’s expansion. Joshi was speaking at the Bharat Renewable Energy (BRE) Summit & Expo 2026, where he pointed to rapid capacity additions and a widening domestic manufacturing base.
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“The RE sector’s total investment stands at USD 67 billion in the last two years. It is one of the biggest investments in a single sector,” he said.
He tied the investment case to India’s economic growth. India is among the fastest-growing economies, Joshi said, and various agencies have projected growth of up to 7 percent. As demand rises, he said, the sector would play a crucial role in meeting the country’s future electricity needs.
India’s installed non-fossil fuel capacity stood at over 200 gigawatts (GW) in September 2024, Joshi said. It has since reached 310 GW. That is an addition of around 110 GW, or growth of more than 50 percent, he said.
The longer view showed a steeper climb. Installed solar capacity was just 2.8 GW in 2014 and has since risen to 171 GW, Joshi said. Wind capacity grew from 21 GW to 60 GW over the same period.
Domestic manufacturing has expanded alongside the capacity additions. Solar module manufacturing capacity rose from 2 GW to 225 GW, Joshi said. Solar cell manufacturing capacity has reached 45 GW. Wind turbine manufacturing capacity grew from 10 GW to 24 GW, he added.
Costs have come down as well. Solar tariffs fell from Rs 5.50 per unit in 2014 to Rs 2.15 per unit, Joshi said. For solar power combined with battery storage, tariffs were as low as Rs 2.70 per kilowatt-hour (kWh), he said.
The same trend has reached green fuels. Joshi cited price discovery of Rs 279 per kg for green hydrogen and Rs 49.75 per kg for green ammonia.
Indian companies have signed green hydrogen offtake commitments totalling over 5.5 lakh metric tonnes per annum, which Joshi described as the world’s largest. Eighteen of these agreements were signed this year, he said, and they cover supplies of more than 4 lakh metric tonnes annually.
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The National Green Hydrogen Mission was launched in 2023. Since then, about 23 offtake contracts covering approximately 5.5 lakh metric tonnes of annual supply have been signed, Joshi said. Over 70 percent of that supply is earmarked for exports. The projects are expected to attract investment of around Rs 90,000 crore, he added.