India clarifies renewable energy lending

The India — Ministry of New and Renewable Energy (MNRE) clarified that it has not issued any advisory to financial institutions to stop lending to renewable energy projects or equipment manufacturing facilities, countering recent media reports. The Ministry stated that it had only circulated information regarding the status of domestic manufacturing capacities in the solar PV sector to the United States — New York State Department of Financial Services and NBFCs like Power Finance Corporation, ITC Limited, and India — Indian Renewable Energy Development Agency. This was done to enable these financial institutions to adopt a calibrated and well-informed approach when evaluating financing proposals, encouraging them to expand their portfolios beyond solar module manufacturing to upstream segments. India reiterated its commitment to becoming self-reliant in solar PV manufacturing, supported by initiatives like the PLI Scheme, and highlighted the significant expansion of solar module manufacturing capacity from 2.3 GW in 2014 to 122 GW today. India has also achieved 50% of its installed electricity capacity from non-fossil fuel sources, five years ahead of its Paris Agreement target, with 259 GW installed as of October 31, 2025.