India secures $400 billion renewable energy investment commitments

Global and domestic investors have pledged preliminary investment commitments worth $400 billion to bolster India's renewable energy infrastructure, Union Minister for New and Renewable Energy Pralhad Joshi announced on Wednesday.

The commitments, made during a CEO roundtable at the Bharat Renewable Energy Summit and Expo 2026 at Bharat Mandapam in New Delhi, far exceed India's projected funding requirement of $220 billion needed to meet its 2030 clean energy targets.

Massive capital boost for clean energy

The proposed investments cover a wide spectrum of the green energy sector, including solar power, green hydrogen, battery storage, and transmission networks. Overseas fund managers, including major international investors like the Canadian Investment Fund, highlighted their confidence in India's stable policy environment and attractive investment climate despite ongoing global geopolitical uncertainties.

Minister Pralhad Joshi noted that even if a fraction of the preliminary investments takes time to materialise, the high level of investor participation positions India comfortably above its required development goals.

"Fund managers have taken all the details, and in the CEO roundtable, they have given a commitment of $400 billion," Joshi said, adding that the ministry would work out specific company-level proposals in subsequent discussions.

Strengthening grid stability and storage

To support the rapid integration of renewable power into the national grid, the Union Cabinet approved ₹14,500 crore in viability gap funding for grid-scale energy storage. The funding will accelerate the deployment of pumped hydro and battery energy storage systems, helping resolve power fluctuations and maintain grid stability.

India currently operates 308 GW of non-fossil power capacity and aims to reach 500 GW by 2030, on its long-term trajectory towards 1,800 GW by 2047.

ALMM framework and domestic manufacturing

On domestic manufacturing progress, Joshi stated that India's solar cell production capacity has reached between 41 GW and 47 GW, with domestic manufacturers committed to expanding capacity to 70 GW by the end of the year.

The government will hold consultations with industry stakeholders over the next 10 to 15 days before deciding whether to extend the Approved List of Models and Manufacturers (ALMM) framework for solar cells. The framework mandates the use of certified domestic components for designated solar projects.

Joshi also expressed confidence that the PM Surya Ghar scheme remains on track to reach its target of installing rooftop solar systems across one crore households by March.