
Energy & Power
India's energy and power sector in 2024 witnessed transformative advancements, supported by a series of bilateral agreements that reinforced its global standing in sustainable energy. These partnerships encompassed a wide range of initiatives, including renewable energy expansion, technology transfer, and long-term energy security.
In the Commonwealth of Independent States (CIS), India solidified its relationship with Russia through a ₹2.5 trillion ($30 billion) agreement with Rosatom to construct six additional nuclear reactors, contributing to its goal of achieving 22,480 MW of nuclear capacity by 2031.
A separate bilateral deal with Gazprom ensured the annual supply of 8.5 million tonnes of liquefied natural gas (LNG), while Kazakhstan committed to providing 5,000 tonnes of uranium annually for India’s nuclear power plants. These agreements underpin India’s growing emphasis on nuclear energy as a reliable and clean power source.
In the Gulf Cooperation Council (GCC) region, bilateral deals drove energy trade to exceed $100 billion. The UAE signed a $7 billion agreement to develop solar parks, wind farms, and green hydrogen facilities, while Saudi Arabia’s Aramco entered into a $12 billion partnership with Indian Oil Corporation Limited (IOCL) to build a petrochemical complex in Maharashtra. Additionally, India and Oman formalized an LNG supply and pipeline infrastructure deal valued at $3.5 billion, aimed at strengthening India’s natural gas supply network. The India-GCC Energy Partnership Framework 2024 highlighted mutual investments in renewable energy, with significant emphasis on developing green hydrogen supply chains and advancing energy technology research.
In the Asia-Pacific region, India expanded its renewable energy footprint through bilateral agreements with key regional players. Japan’s $2.2 billion renewable energy loan focused on co-developing offshore wind farms and green hydrogen technologies, while Australia committed $5 billion under the Economic Cooperation and Trade Agreement (ECTA) to support joint ventures in solar manufacturing and battery storage. India and ASEAN nations signed a $1.8 billion cross-border renewable energy trade deal under the India-ASEAN Renewable Energy Cooperation Agreement, facilitating regional energy integration and grid modernization. These collaborations also supported India’s Green Grids Initiative – One Sun, One World, One Grid (GGI-OSOWOG), which envisions interconnected renewable energy systems across Asia.
India and America strengthened their energy ties with a range of bilateral agreements focusing on clean energy and technological innovation. Under the Indo-US Clean Energy Partnership, $6 billion was allocated for offshore wind farms, solar infrastructure, and next-generation battery storage. Additionally, India signed a co-development deal with the United States Department of Energy (DOE) to advance small modular reactor (SMR) technology, an essential step in expanding its nuclear energy capacity. In South America, India and Brazil entered into a $1.5 billion biofuel collaboration to enhance ethanol production and bio-refinery infrastructure. Agreements with Guyana and Venezuela secured long-term crude oil imports, with Guyana committing to supply two million barrels annually, ensuring diversification of India’s energy sources.
India’s engagement with Europe emerged as a cornerstone of its 2024 energy strategy, focusing on renewable energy technologies and advanced infrastructure. Germany signed a €2.4 billion agreement to collaborate on green hydrogen production and offshore wind energy projects, aiming to co-develop next-generation electrolyzers and grid systems. France partnered with India to expand its solar energy infrastructure, with €1.8 billion invested in solar parks under the International Solar Alliance (ISA). Additionally, Norway collaborated with India on energy storage solutions, including advanced lithium-ion batteries and hydrogen-based systems, through a €1.2 billion partnership. These collaborations align with India’s vision of achieving 500 GW of non-fossil fuel capacity by 2030 while integrating European expertise in sustainable energy technologies.
Africa emerged as a key partner in India’s energy strategy, with a series of bilateral deals advancing renewable energy and rural electrification goals. Under the India-Africa Forum Summit, $2.5 billion was allocated for solar energy projects, with a focus on electrifying rural areas in Ethiopia and Kenya. A $1.2 billion bilateral agreement with Kenya and Ethiopia targeted grid modernization and energy access for underserved communities. India also partnered with Nigeria through a long-term crude oil supply deal, securing 100,000 barrels per day for Indian refineries. Additionally, through the International Solar Alliance (ISA), India supported the electrification of rural African regions, helping to power 300 million people by 2030 and facilitating renewable energy technology transfers to 22 African nations.
India’s domestic energy policies in 2024 provided the framework for these international collaborations. The National Green Hydrogen Mission, with a ₹19,744 crore ($2.3 billion) budget, aimed to produce 5 million metric tonnes of green hydrogen annually by 2030 and positioned India as a global hub for hydrogen production. The Indo-US Energy Access Roadmap and the India-Russia Energy Forum focused on advancing nuclear energy technologies and ensuring steady fuel supplies. India also expanded its engagement with ASEAN countries under the Comprehensive Economic Partnership Agreement (CEPA), streamlining renewable energy investments and enhancing cross-border energy trade.
Looking ahead, India plans to scale up its bilateral energy trade to $300 billion annually by 2030, driven by partnerships in green hydrogen, advanced battery technologies, and carbon capture systems. The country is also prioritizing regional energy integration, as seen in its collaborative efforts with GCC and ASEAN nations to establish interconnected energy grids. With its ambitious policies and growing international alliances, India is poised to lead the global energy transition and set benchmarks for sustainability and innovation.