$220 billion required for 500 GW non-fossil capacity: Pralhad Joshi

At the conclusion of the 'India Renewable Energy Summit and Expo (BRESE) 2026' held in New Delhi, Minister of New and Renewable Energy Pralhad Joshi stated that India has emerged as a major global power in the clean energy sector. He added that the world is now paying attention to India's progress and growing ambitions. Minister Joshi clarified that through this summit, India's cost-effective Renewable Energy (RE) manufacturing capacity has been demonstrated, which is particularly advantageous for the countries of the 'Global South'.

In a conversation with BusinessLine, the Minister stated that this summit has emerged as one of India's largest global platforms for renewable energy. He noted that for the first time, three important events of this sector were held together, witnessing heavy participation from local and international stakeholders. This matter demonstrates global confidence in India's renewable energy growth story.

Speaking on the outcomes of the summit, Pralhad Joshi stated that whatever India intends to do in the clean energy sector must be done on a large scale. Giving an example, he said that India's manufacturing capacity is constantly increasing. Solar cell production capacity is likely to reach 70 GW by December 2026 and could cross 100 GW by April-May 2027. The Minister further stated that once this capacity crosses 150 GW, India will be in a position to sell these products. Currently, solar module capacity is more than the requirement, so India needs to export it. Such programmes help in presenting India's low-cost production capability to the world, which can provide a price advantage to small and developing countries in purchasing our products.

Minister Joshi emphatically stated that this summit brought together policymakers, investors, industries, research institutions, startups, and international development partners. This has strengthened confidence in India's clean energy market and helped in transforming national and global ambitions into a forward-looking agenda for implementation.

Regarding investment requirements, the Minister stated that India needs approximately $220 billion to achieve 500 GW of non-fossil fuel capacity. Discussions held during the summit show that the availability of capital is not an obstacle. Investors have shown positive interest in the long-term development trajectory of India's clean energy, which extends beyond the immediate requirements of 2030.

He further explained that investor participation is no longer limited to traditional strategic investors but also includes pension funds, institutional investors, and providers of long-term 'patient capital'. This matter reflects the increasing depth of India's clean energy financing ecosystem.

The Minister noted that increasing capability and interest are being seen among people towards clean energy, especially in the startups of this sector. He said that the interest shown in clean tech by schools, research, and educational institutions at the summit is very inspiring. It has now become a mass movement, in which young boys and girls are working on green hydrogen.