Global investor meet set to boost green energy

Govt mulls international tie-ups as it eyes 100,000 MW of installed solar power capacity in 5 years

To achieve the targeted solar power capacity of 100,000 megawatt (MW) over the next five years and put India on the global renewable energy (RE) and investment map, the government plans to host an international investor meet in February 2015.

“With a aim to bring in huge domestic and global investments in India’s renewable energy sector, a global investors meet has also been planned by the MNRE in February next year,” a senior official of the ministry of new and renewable energy (MNRE) said, adding that international tie-ups on the technology front are also being contemplated. India’s investments in the RE sector were only $6 billion (`37,410 crore) per year against China’s $60 billion, he said, adding that though India was at the fifth position globally in wind energy generation and amongst the first five in solar photo-voltaic and biomass co-generation, in terms of magnitude of capacities installed, it was far behind China.

“The government’s ‘big and bold’ thinking of adding 100,000 MW of solar capacity to the current 2,750 MW is a big step to develop the RE sector as well as increase its share in India’s total energy consumption,” he added

The government is also said to be in the process of enacting a Renewable Energy Act in the near future besides setting up a National University for Renewable Energy. Strengthening state-owned Solar Energy Corporation of India as the premier solar power institution, as NTPC is for coal-based power generation, is also on the cards.

“MNRE has rolled out a scheme for setting up of 25 solar parks each with a capacity of 500-1,000 MW each … these solar parks will be put up in the next 5 years,” the official said. “The domestic and global investors will be offered all these opportunities during the forthcoming global meet.”

In addition, ultra-mega solar parks are also on the anvil, coupled with a green energy corridor for transmission of renewable energy under the National Clean Energy Fund.

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