India must invest Rs 250-260 billion annually until 2030 and then raise this expenditure to Rs 300 billion per year to achieve its renewable energy goals, said the South Asia regional director of the International Finance Corporation (IFC), at the Utkarsh Odisha- Make in Odisha Conclave 2025 on Wednesday.
Imad N. Fakhoury, who leads IFC's strategy and operations in the region, was speaking at a session titled ‘Renewable Energy & Equipment (Green Hydrogen and Solar)’.
Emphasising on the need for private sector investment, he said 60 per cent of the required investment must come from private enterprises. He also expressed IFC’s commitment to aligning with India’s vision and supporting Odisha’s green energy initiatives.
His colleague at the IFC, a World Bank Group member, Moazzam Mekan, the hub leader for Public-Private Partnerships (PPP) in South Asia, underscored the significance of a long-term vision backed by concrete short-term goals to attract investments in renewable energy.
“What kind of projects are coming and how the roll out is happening are important. A long-term vision must be supported by achievable short-term milestones to secure investor confidence,” Maken said.
The same was echoed by Pradip Kumar Das, chairman and managing director (CMD) of Indian Renewable Energy Development Agency Ltd. (IREDA), which is India’s largest pure-play green financing company.
Das said IREDA looks at the discipline of the project, project makers and the local government before joining a project. He also highlighted the importance of making the renewable energy sector bankable.
The session was also attended by Kanak Vardhan Singh Deo, the deputy chief minister of Odisha. Other notable panelists included Ramesh Kumar Kuruppath, the chief of Programme & Projects at the International Solar Alliance, Sanil C. Namboodiripad, the managing director of ONGC Tripura Power Company (OTPC), Kapil Maheshwari, the CEO and executive director of Welspun New Energy Limited, among others.
Panelists collectively stressed the importance of a stable regulatory framework at both the central and state levels over the next 20-30 years to ensure India’s renewable energy targets are met.
