IEA Sees India Reaching 530 GW of Renewables by 2030, Led by Solar

• The IEA forecast on Nov. 3 that India's renewables will reach about 530 GW by 2030, with solar PV over 80% of growth.
• Renewables cut coal and gas import bills by over $100 billion in 2011-2025, and module manufacturing capacity is about 225 GW a year.
• Faster grids, storage and fewer delays could lift 2026-2030 deployment by more than 20%, the agency said.

India's renewable power capacity will reach about 530 GW by 2030, the International Energy Agency forecast on Nov. 3. Solar PV will account for more than 80% of that growth.

The India Renewable Energy Market Report 2026 was launched at the Bharat Renewable Energy Summit in New Delhi. It puts India's renewable capacity above 300 GW in the fourth quarter of 2026, almost four times the level a decade ago. Solar alone should top 350 GW by 2030, measured in alternating current. India is also the second-largest maker of solar modules, the agency said.

The IEA treats this as an energy security story. Renewable electricity cut India's coal and gas import bills by more than $100 billion in 2011-2025. The agency expects cumulative savings to more than double by 2030. Without solar, wind and bioenergy built since 2010, coal imports in 2025 would have been about 110 million tonnes higher.

India added a record 44.61 GW of solar in the fiscal year to March 2026, the Ministry of New and Renewable Energy said in April. That was nearly double the prior year's total.

The report in numbers

• About 225 GW of annual solar module manufacturing capacity in September 2026, keeping India the world's second-largest maker.
• $30-35/MWh levelised cost for utility-scale solar PV, the world's second lowest.
• 15 GW of hybrid renewable projects auctioned in 2025, the world's largest volume.
• More than 100 GW of distributed solar for self-consumption by 2030, triple today's level.
• About 57 GW of renewables a year over 2027-2030 to get from 300 GW to 530 GW; approximate, as both figures are rounded (list.solar calculation).
• More than $6.6 billion a year of avoided coal and gas imports, on average, over 2011-2025 (list.solar calculation).

The PM Surya Ghar Muft Bijli Yojana scheme is speeding up residential rooftop installations. Corporate power purchase agreements should underpin about 20% of utility-scale solar and wind additions by 2030.

"India's renewables expansion is delivering major benefits for its energy security at a time of heightened uncertainty in global energy markets," IEA Executive Director Fatih Birol said.

Variable renewables should supply about 26% of India's power by 2030, up from about 14%. Faster grid, storage and flexibility investment, healthier utilities and fewer delays could lift 2026-2030 deployment by more than 20%, the IEA said. India is on track for its 500-GW non-fossil capacity target for 2030.