Renewable energy meet generates investment offers for 266 GW

The three-day green energy conference RE-INVEST 2015 concluded on Tuesday with investment commitments for creation of 266,000 MW of renewable energy generating capacity, against the government's target of achieving clean energy capacity of 170,000 MW by 2022.

Green energy commitments worth 2,66,000 MW were received from various investors, including 14 banks and financial institutions, 8 PSUs and private manufacturers and 15 private sector companies, during the conference, minister of state (independent charge) for coal, power and new and renewable energy, Piyush Goyal, said.

Upendra Tripathy, secretary, ministry of new and renewable energy, informed the meeting that 14 companies from seven countries have made green energy commitments for 58 GW. Similarly, 22 PSUs have come up with plans for 18 GW while 257 private limited companies have offered to set up 190 GW and the Railways 5000 MW of green power.

In addition, 27 banks have submitted their commitments for financing 72 GW renewable energy projects.

Goyal said the government will draw up a long term roadmap to achieve the renewable energy targets. He said there will be a monthly working session with various states so that the developers and states can work in partnership and there will be a six monthly personal review to ensure that the policies are actually implemented on the ground.

The ministry of new and renewable energy will work actively in identifying the infrastructure requirements and de-bottling them, so that the manufacturers in India can successfully take their plans forward, Goyal added.

RE-INVEST 2015 hosted 2,800 delegates from 42 countries in the three days, while 202 speakers addressed various sessions, out of which the 40 international speakers were from 29 countries.

Goyal complemented the 118 exhibitors who showcased India's strength and potential, the 200 global investors who provided financing and investment solutions and 9 states that showcased their policy initiatives in the renewable energy sector.

Speaking on the occasion, the railway minister Suresh Prabhu said that RE-INVEST 2015 is a significant step in making India self reliant in energy. With the ambitious target of 200GW of solar energy, he said, this is going to be a game changer for the energy scenario of the world and India would soon be the renewable energy capital of world. The minister said if more commercial electricity is made available to villages, then migration from villages could be stopped.

Minister of state (independent charge) for environment, forests, and climate change Prakash Javadekar announced a green channel for environment clearance of green energy projects. He also said that the government would provide predictable policy regime with standard guidelines.

Vice chairman of NITI Aayog Arvind Panagariya, speaking on the occasion, said that there is a vast potential of wind and solar energy in the country which are complementary to each other which needs massive investments. He also said that in the coming years, challenges in cost effective renewable energy appliances have also to be taken into consideration.