Alfanar Charts $700 Million Path to 3 GW Renewable Push in India by 2030 – EQ
In Short : Alfanar plans to invest $400–$700 million in equity to develop a 3 GW renewable energy portfolio in India by 2030. The Saudi firm will focus on hybrid, battery storage, and solar projects, aiming for 85% local component sourcing. It is also partnering with Indian suppliers for solar modules and smart meters to boost domestic manufacturing.
In Detail : Saudi Arabian energy firm Alfanar has announced its ambitious plan to develop a 3-gigawatt (GW) renewable energy portfolio in India by 2030. The initiative aligns with India’s growing demand for clean energy and supports the country’s goals for sustainable power generation. Alfanar aims to be a long-term player in the Indian renewable energy market.
The company plans to invest between $400 million and \$700 million in equity to fund these projects. This substantial financial commitment highlights Alfanar’s confidence in the Indian energy sector. The investment will primarily target hybrid projects combining solar and wind with battery storage systems.
In addition to hybrid energy projects, Alfanar will also pursue standalone solar energy ventures. These efforts will contribute to India’s transition to a low-carbon economy. The firm is exploring multiple project locations across different Indian states to optimize energy generation and grid connectivity.
A key component of Alfanar’s strategy is a strong emphasis on local manufacturing and supply chains. The company aims to localize up to 85% of its project components. This includes sourcing solar modules and smart meters from Indian suppliers, supporting the government’s ‘Make in India’ initiative.
Alfanar’s move is expected to create significant economic opportunities, including job creation and technology transfer. It also reinforces the company’s commitment to sustainability and energy security. Alfanar has previously undertaken similar renewable projects in other regions, bringing its global expertise to India.
With this development, India’s renewable energy landscape is set to gain momentum. Alfanar’s investment and long-term vision signal growing international interest in the country’s clean energy future. The project portfolio, when completed, will play a vital role in supporting India’s ambitious renewable energy targets.
