India will need additional investment of around USD 300 billion to complete the 500-gigawatt renewable energy capacity target by 2030, according to a report. With 165 gigawatts (GW) generation capacity already in place, the country is on the right trajectory to meet its goal of having 50 per cent of energy needs through the renewable portfolio, the Arthur D Little (ADL) report said on Monday.
“India needs (additional) strategic investments of over USD 300 billion to achieve its clean energy capacity target of 500 GW by 2030,” the study titled ‘Powering India’s Energy Vision 2030’ said.
As per the study, India’s electricity consumption is expected to grow at an annual rate of 5.4 per cent over the next decade, with annual demand touching 2,300 billion units (BUs) by 2030. However, at the current pace, generation will reach only 2,024 BUs by 2030, it said.