India Needs USD 190-215 bn for 500 GW Renewable Energy by 2030: Moody's

Jun 12, 2024 19:49

Moody's estimates India needs USD 190-215 billion for 500 GW renewable energy by 2030, highlighting strong growth despite coal reliance.

New Delhi, Jun 12 (PTI) Investments of USD 190-215 billion will be needed to achieve the target of 500 gigawatt (GW) of renewable energy capacity by 2030 in India, Moody's Ratings said on Wednesday.

India's infrastructure companies will be spending on energy transition to meet demand resulting from the country's relatively strong economic growth.

However, government policies and stable regulatory frameworks will support credit quality, Moody's said in a statement.

Moody's also estimates that another USD 150-170 billion of investment will be required for electricity transmission and distribution as well as energy storage.

"We expect the strong growth in India's renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years," Abhishek Tyagi, Moody's Vice President and Senior Credit Officer said.

Source: PTI

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India Needs USD 190-215 bn for 500 GW Renewable Energy by 2030: Moody's

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