India's renewable energy capacity soars 420% in June, solar now cheaper than coal
IVCA Renewable Energy Summit
in Mumbai on Tuesday.
The minister highlighted that India has witnessed an astonishing 4,000% increase in
solar energy capacity
, growing from 2.82 GW to 117 GW by 2025.
Wind energy capacity
also rose from 21 GW to 51.7 GW in the same period, marking a 140% increase.
Solar tariffs, however, have declined by 80%-from ₹10.95/unit in 2010-11 to ₹2.15/unit currently. "As a result, even solar with battery storage now costs less than thermal. In 2024, 83% of power sector investments were directed towards renewables. We were the largest recipient of global energy development finance, attracting $2.4 billion for clean energy in a single year."
Since 2020, the sector has attracted foreign direct investment exceeding ₹1.6 lakh crore, including ₹42,000 crore in 2023 alone. In the first quarter of 2025, clean energy investment surged 7.7 times year-on-year to $9.8 billion.
"Investors who backed this transition have already seen multiple returns. So should you," Joshi said, inviting further capital participation in the sector.
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The minister also cited India's largest waste-to-energy plant in Ahmedabad, which converts 1,000 tonnes of solid waste daily into electricity. "These are examples of how India's energy transition is not only sustainable but also inclusive, benefitting cities, farmers, and communities," he added.
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