As part of Paris climate agreement, India has committed to ensure 40 per cent of its installed electricity capacity is based on non-fossil fuel sources by 2030.

India should add 25 Gw renewable power capacity every year till 2030 in order to achieve its green energy targets, ReNew Power Chairman and CEO Sumant Sinha said today.

As part of Paris climate agreement, India has committed to ensure 40 per cent of its installed electricity capacity is based on non-fossil fuel sources by 2030.

Power minister RK Singh had last month said the share of renewable energy in India’s electricity mix is set to increase to around 55 per cent by 2030, as the country continues to expand its installed capacity in the face of growing power demand.

Speaking at the RE-Invest Summit here Sinha shared ReNew Power’s success story. The company currently operated 96 projects across eight states and has raised around Rs 6,700 crore in equity apart from generating direct employment.

“Move forward with your plans as a startup. Be careful of projects selection and execution. In the Indian Renewable Energy sector, opportunities are vast. So, think long term. Put the right process and systems, instill confidence in capital providers and have strong corporate governance,” said Sumant.

He said the country is on a growth trajectory and is overcoming obstacles for growth successfully.

Source: ET EnergyWorld