GANDHI NAGAR, Gujarat (Sept 16): Reliance and Adani, India's two biggest conglomerates, and other firms committed to help the country reach its goal of 500 gigawatts (GW) of clean energy by 2030, while financial companies vowed US$386 billion in funding, the renewable energy minister said on Monday.

"We received overwhelming commitments from states and Union Territories, as well as from the developers, manufacturers and financial institutes to support our goal of 500GW by 2030", Pralhad Joshi said during the annual Renewable Energy Investor's Meet and Expo.

India added slightly more than 18GW of renewable energy capacity in fiscal 2024, compared with 15.3GW a year earlier, taking its total to 153GW.

The government also received an additional 570GW of power generation commitments, while manufacturers committed additional capacities of 340GW in solar modules and 240GW in solar cells, the minister said.

Indian conglomerate Reliance Industries committed 100GW of additional renewable capacity, while Adani Green Energy committed 38.8GW of capacity.

Analysts expect India's renewable energy capacity addition to likely scale up to 25GW in 2024-2025, from more than 18GW for the prior period.

Heatwaves and rising economic activity increased India's electricity generation, on average, by about 8% annually, following the pandemic.

Due to increasing power demand, India expects coal-fired power output to rise 8.9% over 2024-2025, outpacing a growth of 8.2% projected for renewable energy output, which includes solar, wind, small hydro plants and power from biomass.

  - Reuters