New Delhi: India’s energy investment is set to reach a record $170 billion in 2026, driven by rapid growth in solar power and oil refining, the International Energy Agency said Thursday.
The World Energy Investment 2026 report noted that total energy spending in India has grown at an average of 11% per year over the past five years. Solar photovoltaic investment rose 25% annually in that period, while oil refining investment increased 23% annually.
Together, solar PV and refining made up roughly a quarter of the overall rise in energy spending, IEA said. The surge comes as India moves to meet rising energy demand and build infrastructure for its clean energy transition.
The report highlights India as one of the fastest-growing major energy investors globally. The jump in solar spending reflects large-scale project rollouts and government targets for renewable capacity. Higher refining investment points to continued demand for petroleum products even as the country scales up clean energy.
IEA did not break down investments by public or private sector but said policy support and domestic demand are key drivers behind the trend.
