India has already received investments worth 1.30 lakh MW generation capacity from both domestic and international players, even before the beginning of Renewable Energy Global Investors Meet and Expo (RE-INVEST).
Power Minister Piyush Goyal announced this development during an event held in Mumbai, as reported by The Economic Times.
The Ministry of New and Renewable Energy (MNRE) will be organizing the Expo from February 15 to 17 in New Delhi with an aim to attract an investment of USD 100 billion in clean energy for the next four years in India.
The government, in joint effort with domestic and international partners, will attempt to achieve a target of 1 lakh MW of solar capacity and 40,000 MW of wind portfolio in the next five years, pointed out the minister.
Further, the meet will showcase government’s commitment to promote renewable energy to meet the national energy requirement in a socially, economically and ecologically sustainable manner, explained the Minister.
However, the Minister did not disclose details of the investment proposals.
As part of the Make in India initiative, the RE-INVEST will be repeated every year until 1,00,000 MW generation in renewable energy is achieved in the next 4-5 years.
To achieve this goal, India needs around 35 billion dollars of investment every year.
The meet will be the first large-scale platform for investment promotion in the renewable energy sector to display India’s sustainable commitment.
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At present, renewable energy is contributing about 6.5 per cent in the electricity mix of the country, which needs to be lifted to about 12 percent in the next three year.
It is expected that, the event will be attended by around 200 investors as well as 1,000 delegates, which is likely to be inaugurated by the Prime Minister.
Besides, representatives from state governments, PSE, renewable power developers and manufacturers, state renewable energy nodal agencies and other related stakeholders will also be part of the event.
In addition, International renewable energy firms from different countries will be get an opportunity to showcase at the Expo.
Sabeena Wahid
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