India’s Renewable Energy Sector Investments Reached $11.8 bn in H1 2025

India’s renewable energy investments reached $11.8 billion in the first half of 2025, marking the second-highest half-year activity on record.

While slightly down from the first half of 2024, the investment demonstrates the robust pull of renewable energy in the country.

The report covers debt and equity raised for utility-scale renewable energy projects and customer spending on small-scale solar deployment. It found that utility-scale solar remains strong, with solar accounting for 77 per cent of total new investment during the first half of 2025.

"India awarded 59 gigawatts (alternating current) of capacity at auctions – predominantly standalone solar and complex projects – in 2024, which will continue to drive new solar investments and capacity additions through 2030," the report said.

Investment in the wind sector halved compared to the same period in 2024 but was up 28 per cent over the second half of 2024. The first half of 2024 also saw a record $4.2 billion of onshore wind investment. The outlook for Indian wind investment remains favourable as complex auctions push developers to make use of wind, solar, and energy storage projects to meet their power supply commitments.

India’s clean power auctions crossed a significant milestone in 2024, with 59 gigawatts (alternating current) of capacity awarded – more than double that of the previous year. These auctions provide much-needed revenue certainty to the industry, while also driving up project sizes and, in turn, financing flows.