Indian state power company NTPC will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday.

India is facing a significant investment gap in renewable energy, with current investments only a fraction of what is needed to meet its ambitious clean energy targets by 2030.

The entire market capitalisation of the 20 renewable energy infrastructure funds (REIFs) listed in the UK has now fallen to just £10 billion. Over the last two years, existing investors have seen a terrible return on their capital, and hardly any new money has been raised as markets have questioned the economics of the REIFs.

The collaboration aligns with Madhya Pradesh’s long-term vision of leveraging its natural resources for sustainable development.

A deal was signed to set up a solar project. Solar Energy Corporation of India Limited (SECI) has committed a phase-wise capital expenditure of INR 2,500 crore to expand Madhya Pradesh’s renewable energy capacity.