Credit: DIBYANGSHU SARKAR via Getty Images.

Indian clean energy company Jakson Green has secured over 40bn rupees ($476m) in fundraising to expand its renewable energy portfolio.  

Krishnan Kannan, joint managing director of Jakson Green, explained the investment will help add 1GW by 2026.  

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The company currently has 250MW of installed capacity. 

Kannan told Reuters that the company is working with investors to deliver the 1GW addition for which “the investment will be around 40bn rupees in a mix of 75% debt and 25% equity”.  

Jakson Green aims to secure all funds for the initiative by November.  

The company has a target of adding 1GW of renewables capacity annually for the next five years. The Indian government has awarded more than 1GW of renewables projects to the company, and it recently obtained a credit facility from the First Abu Dhabi Bank for international expansion.  

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Indian companies have increasingly turned their focus to renewables in an effort to support the Indian government’s objective of adding a minimum of 500GW of clean energy to its power mix by 2030.  

Earlier this week, India announced that it will launch a tender for 6GW of electricity from renewable energy projects with storage to ensure supply during peak hours. 

With 200GW of renewables currently integrated into the grid, the country has also launched initiatives to make sure clean energy is accessed across the country, for instance sanctioning new interstate transmission system schemes to facilitate the evacuation of renewable energy from states in which production is high. 

According to Power Technology’s parent company, GlobalData, installed capacity for clean energy technologies, including hydropower, wind, solar, biothermal and nuclear, reached 198GW in 2023. This figure is forecasted to incline further this year, with solar in particular expected to register the highest increase, reaching 102GW by the end of 2024 from 81GW last year.