Roads, Power Transmission And Renewables To Drive India’s Next Infrastructure Growth Phase: Equirus
The report said continued road asset monetisation, a robust renewable energy execution pipeline, expanding battery energy storage systems (BESS) and nearly Rs 9 trillion of government-committed transmission capex till 2032 are expected to support the country’s long-term infrastructure build-out. It also highlighted sustained private equity, M&A and capital market activity across infrastructure segments.
According to the report, the government has relaxed eligibility norms to allow pension and sovereign wealth funds to directly bid for greenfield Build-Operate-Transfer (BOT) road projects to attract long-term institutional capital into infrastructure development. The report also highlighted continued monetisation of operational road assets through strategic acquisitions and infrastructure investment platforms. Among the marquee transactions since the start of FY25 are Vinci Highways’ acquisition of Safeway Concessions for about USD 1.7 billion, Actis’ acquisition of Calicut Expressway, Kalpataru Projects International’s sale of Vindhyachal Expressway to Actis, KNR Constructions’ divestment of four HAM road assets to Indus Infra Trust, NIIF’s sale of two annuity-based road assets to Cube Highways Infra Trust, and HG Infra Engineering’s agreement to sell five HAM assets to Neo Infrastructure Income Opportunities Fund.
The report said India’s utility-scale renewable energy sector continues to offer strong execution visibility, with 215 GW of Letters of Award (LOAs) won during FY18-FY26, including 145 GW of signed power purchase agreements (PPAs). It noted that 145 GW of signed PPAs and 68 GW of pending awards support sustained demand for companies executing such capacity. The balance execution pipeline comprises 58 GW of solar and 12 GW of wind projects, providing around 2.5 years of utility solar visibility.
According to the report, data centres, green hydrogen and night-time connectivity are expected to create incremental solar demand beyond current projections, adding 15-20 GW annually from FY29. This could increase annual solar installations to around 85 GW by FY30. The report also projects BESS-based storage demand to rise from 34.7 GWh during 2022-2027 to 236.2 GWh during 2027-2032, driven by renewable integration and grid stability needs, policy support through storage mandates and improving project economics.
The report further said India’s power transmission infrastructure is headed for a massive investment cycle, with nearly Rs 9 trillion of government-committed transmission capex expected till 2032. India’s installed renewable energy capacity stood at 226 GW as of June 2025 and the country is expected to add another 470 GW of solar and wind capacity over the next decade, while power demand is projected to grow at a CAGR of 6.4 per cent till 2030. High Voltage Direct Current (HVDC) transmission systems are expected to play a critical role as renewable energy projects move farther away from consumption centres.
The report also highlighted robust capital market activity across infrastructure sectors, with companies in renewables, ports and infrastructure investment trusts (InvITs) raising capital through IPOs and Qualified Institutional Placements (QIPs). It further pointed to sustained private equity investments and strategic acquisitions across roads, renewables, power, ports and logistics, reflecting continued activity across India’s infrastructure sector.
Published on:
30 June 2026
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