Building a Resilient Energy Future: India's Path to 500 GW Non-Fossil Capacity

India aims for 500 GW of non-fossil fuel power by 2030. A cohesive regulatory framework and investment mechanisms are vital. CRISIL stresses the need for long-term investor confidence. Urgent energy storage development and evolving finance frameworks are key, attendees learned at a FICCI energy conference.

India's ambitious goal of reaching 500 GW of non-fossil fuel power generation by 2030 demands a cohesive national and state-level regulatory framework, as highlighted by CRISIL's Director of Energy & Commodities, Ashish Mittal. Ensuring investor confidence is crucial to achieving these non-fossil energy targets.

At the FICCI India Power and Energy Storage Conference, experts advocated for investment models such as cap-and-floor mechanisms and storage-as-a-service to de-risk investment and mobilize private capital. The conference underscored the necessity of evolving financing frameworks to match the unique risk and revenue profiles of energy storage projects.

The conference also highlighted the urgent need for India to develop technologies like batteries and pumped storage, emphasizing technology-agnostic approaches to creating resilient and long-term infrastructure. Industry challenges include securing power purchase agreements and project clearances.

(With inputs from agencies.)