How can India reach its 50 GW renewables goal by 2030

Domestic financing will play an important role.

India needs to scale up its onshore financing to fuel its efforts to reach its 500 gigawatt (GW) target for renewable energy capacity by 2030.

According to S&P Global Ratings latest report, local financing will aid its capacity expansion.

"Renewable developers and distribution companies now recognize renewables can only become part of the solution if they provide more stable power. Otherwise, inherent intermittency causes greater network instability," said S&P Global Ratings credit analyst Cheng Jia Ong.

"Renewables companies will improve scale and diversity but continue to face high leverage and execution risks as they align with the national transition target. Most companies will use debt to fund expansion, though the sector remains attractive for both equity and debt investors," Ong added.