3rd India Energy Transition Summit: Insights on Solar Energy

3rd India Energy Transition Summit: Insights on Solar Energy

What is this Energy Transition Summit? 

The third edition of the India Energy Transition Summit organized by FICCI from 29^th to 30^th January, 2025, in New Delhi is one of its crucial events in the field of renewable energy, aiming to bring a diverse range of stakeholders, which includes policymakers, government officials, financial institutions, technology developers, manufacturers, etc., to collaborate, share information and knowledge, and develop solutions to fast-track the clean energy shift. IETS gives a base for initiating critical dialogues and forging partnerships that can shape the country’s energy transition shift. 

What is the objective of this summit? 

The 3rd India Energy Transition Summit (IETS), organized by FICCI, emerged as the premier platform for directing the complexities of India's energy transition. It focused to: 

• Facilitate a discussion forum for Indian policymakers and energy stakeholders to carefully consider India's energy transition and exchange global insights and knowledge from the nations in the country’s energy transition journey.  

• Discuss technology and market facilitators crucial for advancement in India’s energy transition and emphasize the significance of India’s energy transition in a global landscape. 

• Explore and promote prospects for different business models and future innovation aligned with the country’s energy transition to deliver a smooth and flexible energy transition focusing the technological areas, innovative financing, decarbonization and capacity building.  

The key areas focused: 

Green Hydrogen as a fuel: India Energy Transition Summit (IETS) 2025 aimed to curate advancements in hydrogen production, storage and its use. Hydrogen as a fuel can emerge as a key pillar for decarbonization hence, emphasizing its development can prove to be a game changer.  

Solar & Wind Energy Expansion: India aimed to expand its Solar and Wind energy capacity to meet the target of achieving 500GW non-fossil energy by 2030 hence encouraging investors into investing in offshore wind farms and utility scale solar parks. 

State Potential & Renewable Energy Hubs: Identification of high-potential states for renewable energy is crucial for the establishment of renewable energy hubs to optimize the country’s energy and power. For example, Gujarat and Tamil Nadu are high-potential states to produce Solar and Wind energy.  

International and Domestic Collaboration: Strengthening Global collaboration can attract foreign investment in India’s renewable energy sector thus enhancing knowledge exchange and technology transfer. 

Energy Storage: Prime focus is given on the energy storage system which includes Batteries and Grid-Scale storage systems. It addressed the issues related to cost, efficiency and scalability of storage technologies.  

Commercial & Industrial Power Consumers: Formulating Policies through corporate Power Purchase Agreements that can encourage the use of renewable energies by industries. 

Transmission & Distribution Infrastructure: Development of modernized energy grid capable of handling large-scale renewable energy integration is crucial to attain a sustainable solution. Policies that can enhance flexibility in the energy distribution network can be a game changer. 

The Key Discussions and Takeaways of the Energy Summit: 

The New Delhi’s renewable energy conference was inaugurated by Honorable Union Minister of New & Renewable Energy, Shri Prahlad Joshi, who emphasized on India’s remarkable progress in Renewable Energy sector. He reaffirmed India’s renewable targets, the progress in solar installations, and the financial roadmap for it. Further, the key policy initiatives to boost domestic manufacturing were discussed.   

Reaffirmation of Renewable Energy Targets: 

Addressing the third India Energy Transition Conference, organized by FICCI in New Delhi, Shri Prahlad Joshi stated, “India is leading the global energy transition with unprecedented speed, scale, and scope. India has not only set ambitious energy transition goals but has also been achieving them at a record pace.”  

India has emerged as a global leader in clean energy and is placed on the third rank in the global renewable energy market surpassing Brazil. The country has seen a surge of almost 200% in its renewable energy capacity.  As on 20^th Jan 2025, India’s total non-fossil fuel-based energy capacity has reached 217.62GW. The significant increase is paving India’s way to achieve 500GW of no-fossil fuel capacity by 2030. Furthermore, India is committed to an ambitious target of achieving 1,800GW non-fossil fuel-based energy capacity by 2047.  

Progress in Solar Installations: 

The National Solar Mission has caused a rapid growth in the solar capacity making it stand at 100.33GW as of January 2025 with 84.10GW under implementation and an additional 47.49GW under tendering. The year 2024 saw a record-breaking addition of 24.5 GW of solar capacity marking a twofold increase compared to 2023.  

Key drivers like the PM SURYA GHAR: MUFT BIJLI YOJNA which aims to facilitate the installation of 1 crore rooftop solar panels has boosted the solar installations in the country, 8.5 lakh of rooftop solar panels were installed in 2024 adding 1.48GW of solar capacity. 

Rajasthan, Gujarat, Tamil Nadu, Maharashtra, and Madhya Pradesh are among the top-performing states, contributing significantly to India’s total utility-scale solar installations. 

Financial Roadmap for Solar & Wind Energy Expansion: 

To increase its renewable energy capacity 500GW by 2030, India has secured investments of $386 billion from financial institutions. Out of which ADB Bank approved $241 million to accelerate the deployment of solar panels and upgrade necessary infrastructures.  

Additionally, in 2024, the government announced PM SURYA GHAR YOJNA by allocating a budget of Rs. 75,021 crores to install more than 1crore rooftop solar panels. 

Potential Challenges and Opportunities: 

India has seen a surge in the solar power capacity over a few years however, the total energy output has not been substantial. Despite the 25.8 GW capacity addition, solar energy has contributed an average annual power output of only 15%. The solar radiation has been significantly low in 2024 because of much better monsoon than expected causing low energy output.  

However, amidst the challenge with low energy output, it is anticipated that with the improved solar capacity addition the country would see a boom in its solar energy output. With better regulation, policies, storage and distribution of solar energy, the country is set to become a ‘Solar Powerhouse’ in the coming years.