This huge investment exhibits significance in view of India’s ambitious target of having 175GW of renewable energy by 2022 —and will bring in huge opportunities for wire and cable manufacturers in the country.
June 29, 2021
While addressing at an event on ‘Accelerating Citizen Centric Energy Transition’, Power Minister Mr. R K Singh has announced that as much as USD 70 billion (about Rs 5.2 lakh crore) has been invested in renewable energy across the country in the past seven years.
Mr. Singh mentioned, “During the past seven years, over USD 70 billion investments has been made in renewable energy in India. India has a liberal foreign investment policy for renewables allowing 100% FDI through the automatic route in sector.”
Mr. Singh further said a Renewable Energy Investment Promotion and Facilitation Board (REIPFB) portal has also been developed to provide a one-stop assistance and facilitation to the industry and investors for development of projects and bringing new investment to the renewable energy sector in India. He lauded the commitment shown by the Indian industry to India’s energy transition plans.
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Several members from the industry have voluntarily declared RE goals and committed to the carbon disclosure project (CDP), renewable 100 per cent and science-based targets (SBTs). Many of them are also preparing substantive energy compacts for the September Dialogue.
While talking about the initiatives that will pave the way for future of energy transition in India, Singh said rules are being framed for ‘green tariff’ policy. The policy will help electricity distribution companies (discoms) supply electricity generated from clean energy projects at a cheaper rate as compared to power from conventional fuel sources.
The minister also mentioned about the recent initiatives in the renewable energy sector such as viability gap funding options for offshore wind energy, launching of green term ahead market and green day ahead market.
Also Read: 9GW Renewable Energy Contracts to be Auctioned.
Mr. Singh said that in the past six years, India’s installed renewable energy capacity has increased by over two-and-a-half times and stands at more than 141GW (including large hydro), which is about 37% of the country’s total capacity (as of June 16, 2021). During the same period, the installed solar energy capacity has increased over 15 times and stands at 41.09GW. India’s renewable energy capacity is the fourth largest in the world. India’s annual renewable energy addition has been exceeding that of coal-based thermal power since 2017.
