70-80% of increased power demand in India will come from renewable energy: ReNew's CEO Sumant Sinha

New Delhi [India], December 9 : About 70-80 per cent of the increased power demand in India will come from renewable energy, said Sumant Sinha, Chairman and the chief executive officer (CEO) of Nasdaq-listed decarbonization solutions company ReNew.
Sumant Sinha asserted that electricity demand in India is poised to double over the next seven years.
Speaking to ANI on the sidelines of the ongoing Rising Rajasthan Investment Summit, the ReNew CEO said he would not be surprised if 70-80 per cent of that increased demand comes from renewable energy.
"I think, the electricity demand in India will double. I would not be surprised if 70-80 per cent of that increased demand comes from renewable energy," he said.
At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.
India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
Green energy for climate mitigation is not just a focus area for India, but globally it has gained momentum.
"I think that this target (for 2030) will be met. I have full conviction. I think it's one of the sectors where the government is working very closely with the industry," he said.
India already crossed 200 gigawatts of its 500 gigwatts target.
"We have six more years to go. The government has auctioned another 80 to 90 gigawatts more so I think over the next two years you'll see us getting close to 300 gigawatts and then it's a matter of just another few years for us to be able to meet the (500 gigawatt) target."
About ReNew's projects in Rajasthan, he said his company has a total pipeline of projects of 23 gigawatts, out of which almost half is in Rajasthan.
"We also have solar manufacturing module plants, a plant in Jaipur for 4000 megawatts of solar module manufacturing, and our plants are very sizable in the state," Sinha said.
"We have a very good relationship with the government, both with the ministers and the bureaucrats who are all together very supportive and are very encouraging for us to look at adding more capacity in the state," he said.
On the government's PM Surya Ghar Yojana, a scheme aimed at taking cost-efficient solar energy to Indian households, Sinha said that he thinks that the government has put a lot of thought behind this whole programme and the kind of capital subsidy that is being given.
He believes that PM Surya Ghar Yojana is a very powerful incentive for people to try to put solar panels on their rooftops.
The PM Surya Ghar: Muft Bijli Yojana, aims to power one crore households with solar by March 2027.
By March 2025, installations under the scheme are expected to exceed 10 lakh, with the numbers doubling to 20 lakh by October 2025, reaching 40 lakh by March 2026, and ultimately achieving the target of one crore by March 2027.
It was launched by Prime Minister Narendra Modi on February 15, 2024.