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South Asia Regional Energy Partnership (SAREP) (2022). An lnvlT(E) to renewables growth in India: An lnvlT handbook for the renewable Energy sector . USAID/India, SAREP.
Over the last decade, India has become the world’s third-largest producer and consumer of electricity. In addition, India now holds the distinction of having the fourth largest installed capacity of renewable energy (RE) in the world, a testimony to India’s commitment to sustainable development. India’s efforts were recently underscored when the country achieved its nationally determined contribution target for 2030— 40 percent clean energy capacity of the total installed capacity--eight years ahead of schedule. At the United Nations Climate Change Conference (COP26) in November 2021, Prime Minister Modi further accelerated India’s forward march towards decarbonization and net-zero emissions when he announced enhanced climate targets— such as installing a non-fossil fuel electricity capacity of 500 GW, sourcing half of all energy requirements from non-thermal sources by 2030, and hastening plans to reach net-zero by 2070. Developing new renewable energy capacity and reaching these important targets are important for India and for the world, but will require investments of more than $500 billion in the RE sector. The challenges are significant, but India continues to make progress. In 2022, despite the pandemic, investments in RE are expected to reach more than $15 billion. The U.S.-India Climate and Clean Energy Agenda 2030 Partnership drives the deployment of clean energy technologies and mobilizes finance for climate action. A combination of conventional and new financing instruments is required to mobilize capital for India’s ambitious clean energy targets. Infrastructure Investment Trusts (InvITs) are one such financing instrument that could contribute significantly toward meeting the RE sector’s investment needs. This handbook, developed by USAID’s South Asia Regional Energy Partnership (SAREP) in collaboration with India’s Ministry of New and Renewable Energy, is intended to provide the necessary information on InvITs to decision-makers as well as address information gaps, ultimately encouraging developers and investors to use InvITs in raising the capital needed to fund clean energy plans. I hope readers will find this handbook to be a useful resource in advancing the financing and deployment of renewable energy in South Asia.
This document js made possible by the support o( the Amencan People t11,zigh u,e 1ted Stat ,Agen Energy Partnership (SAREP) program. J7
