Mobilising finance is key to achieving 500 GW Renewable Energy by 2030, said Union Minister for New & Renewable Energy Shri Pralhad Joshi. He was addressing the National Workshop on Mobilizing Finance for Renewable Energy organised by Union Ministry of New and Renewable Energy in Mumbai today. Union Minister Joshi also called for collective efforts from financial institutions and policymakers to ensure accessible funding to Renewable Energy (RE) sector. The Minister along with the Minister of State, (MNRE), Shri Shripad Naik also addressed a Press Conference held in conjunction with the Workshop.
Highlights of the Workshop
The Minister stated that the idea for the workshop emerged after a review meeting chaired by Prime Minister Narendra Modi, where discussions focused on accelerating flagship schemes like PM Surya Ghar and PM-KUSUM. Highlighting the scale of India’s energy needs, Shri Joshi said that as the country aims to become the third-largest economy, its energy demand is expected to double. He stressed that renewable energy must be scaled up to match thermal energy production, ensuring a reliable and resilient power supply.
The Minister also spoke about India’s commitment to achieving Net Zero by 2070 and reaching 500 GW of non-fossil fuel-based capacity by 2030. He called upon financial institutions to align their lending policies with India’s renewable energy growth strategy and emphasized that carbon-intensive industries will face reduced export opportunities in the future. Shri Joshi noted that India has already made significant progress in renewable energy, with capacity increasing to 222 GW today. He pointed out that solar tariffs have drastically reduced, with a recent bid in Madhya Pradesh touching ₹2.15 per unit, compared to ₹11 per unit earlier. However, he stressed the importance of battery storage solutions to support large-scale renewable deployment.
Speaking on the role of decentralization, the Minister highlighted that PM-KUSUM and PM Surya Ghar empower farmers to become “Urjadata” (energy providers), while also reducing transmission losses. He urged banks to simplify financing processes, particularly for rooftop solar projects, and called for the introduction of a Renewable Energy Financing Obligation to ensure dedicated funding for the sector, similar to Renewable Purchase Obligations (RPOs) for discoms.
Shri Joshi underscored India’s leadership in green hydrogen (GH2), stating that the country has already received major export orders and is ahead of several developed nations in this field. He noted that global investors are increasingly looking at India as a preferred destination for manufacturing and clean energy investments, recognizing its young workforce and strong industrial capacity.
The Minister also highlighted Prime Minister Modi’s directive to engage global financial institutions for renewable energy investments, citing India’s recent success in securing commitments worth ₹34.5 lakh crore during a global RE summit in Gandhinagar. He emphasized that the transition to renewable energy is not optional—it is a necessity. Concluding his address, Shri Pralhad Joshi called for a national movement in renewable energy financing, stating that PM Surya Ghar is not just a scheme but an Andolan (movement). He urged financial institutions to streamline lending processes, reduce unnecessary compliance burdens, and adopt a more supportive approach towards financing clean energy projects.
Union Minister of State for Power and New & Renewable Energy Shri Shripad Y Naik said that achieving 500 GW of renewable energy by 2030 will require an investment of approximately ₹30 lakh crore, covering infrastructure, transmission, and storage systems. He urged the stakeholders to adopt innovative financing models, extend flexible lending terms, and prioritize green investments that will accelerate our energy transition.
In her context setting speech, Secretary MNRE Smt. Nidhi Khare emphasized the critical role of affordable finance, green bonds, and innovative funding models in driving India’s renewable energy transition.
The National Workshop on Mobilizing Finance for Renewable Energy featured four key sessions focused on addressing financing challenges in the renewable energy sector. The first session examined the financing landscape for utility-scale renewable energy (RE) projects, assessing challenges faced by developers, banks, and NBFCs in securing funding. Discussions covered interest rates, perceived risks, and potential solutions for financial institutions to support large-scale RE projects. The second session focused on financing new and emerging RE technologies, such as offshore wind, floating solar, and green hydrogen. Panelists, including experts from NABARD, and leading financial institutions, discussed capital allocation strategies, policy interventions, and mechanisms to reduce financial risks for private sector investments in these technologies.
The third session addressed financing challenges for Distributed Renewable Energy (DRE) and innovative RE applications, including rooftop solar, canal-top PV, and Agri-PV. Experts explored financing constraints for startups, perceived investment risks, and policy support required to scale up these solutions. The final session focused on regulatory and capacity-building measures for banks and NBFCs, discussing RBI guidelines, sector-specific lending policies, and strategies to enhance financing in consumer-oriented RE applications. Stakeholders highlighted the need for better regulatory frameworks, risk-sharing mechanisms, and financial instruments to unlock capital for India’s renewable energy ambitions. The discussions reinforced the necessity of collaborative efforts among policymakers, financial institutions, and industry leaders to mobilize large-scale investments and achieve India’s target of 500 GW of non-fossil fuel energy by 2030.
The discussions led to several key takeaways, including the need for lower-cost financing, improved access to global climate funds, and enhanced risk-sharing mechanisms for new technologies. Participants also stressed the importance of strengthening public-private partnerships and expanding green financial instruments to support India’s clean energy transition. The event concluded with a commitment from all stakeholders to work towards innovative financing models and policy frameworks that can unlock large-scale investments in the renewable energy sector.
Senior officials from major public and private sector banks such as State Bank of India, Union Bank of India, HDFC Bank, ICICI Bank, Bank of India, Bank of Baroda, Canara Bank, UCO Bank, IDFC Bank, IDBI Bank, AU Small Finance Bank, Axis Bank, Punjab National Bank, Indian Overseas Bank, Indian Bank, Central Bank of India, Punjab & Sind Bank, Jammu & Kashmir Bank and Bank of Maharashtra also attended the event.
The workshop marked a significant step toward ensuring that financial constraints do not hinder India’s renewable energy ambitions, reaffirming the government’s commitment to a clean, sustainable, and financially inclusive energy future. The workshop provided a platform for key stakeholders, including banks, NBFCs, policymakers, and industry leaders, to discuss strategies for mobilizing large-scale investments in renewable energy. Participants reiterated their commitment to supporting India’s clean energy transition, ensuring energy security, economic growth, and environmental sustainability. The event marked a significant step in bridging the financial gap for renewable energy projects, reinforcing India’s position as a global leader in the clean energy revolution.
