India to form task force focusing to 500 GW renewables target

Around INR 42 lakh crore is needed to reach the goal.

India’s Union Minister of New and Renewable Energy Pralhad Joshi has announced that a task force with all stakeholders will be formed by his ministry in collaboration with the Ministry of Power to achieve the country’s goal of 500 gigawatts (GW) of clean energy by 2030.

According to Joshi, India needs to install 288 GW of renewable energy capacity over the next six years. This will require an investment of INR 42 lakh crore, including transmission infrastructure.

India will also organise hackathons for startups in the renewable sector, with assured offtake to promote indigenisation of renewable energy technologies and solutions.

A new Joint Centre of Excellence for R&D will also be established in collaboration with the Ministry of Power. Amongst its duties is exploring Odisha’s scope of green hydrogen production as well as its floating solar panel potential.

Joshi called for the early finalisation of power purchase agreements and strict enforcement of renewable purchase obligations to ensure the success of renewable energy projects.