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India, France may sign pact to promote renewable energy

Looks like the news flow and announcements of investments into India continue unabated. Just a few weeks ago Areva had announced plans of massive investments to the tune of $3 Billion  into India in the Solar CSP space in  the next 5 to 7 years.

According to reports,India and France are expected to enter into an agreement to promote investment and technology transfer in the renewable energy segment.

Recently, the CEO of Areva Renewables, Anil Srivastava talked about the lifetime opportunity India had in building the CSP industry.

France will encourage investments in renewable energy by French companies, while also promoting sharing of technology. Also, Nuclear Power Corporation (NPC) and Areva will enter into an early works contract for supply of two nuclear reactors of 1,650 Mw each. The proposed agreements are expected to be signed during French President Nicolas Sarkozy’s visit to India during December 3-7.

Officials at the commerce ministry and the Indo French Chamber of Commerce and Industry, who did not wish to be quoted, told Business Standard, “The French government has already set a target of raising the installed capacity for wind power from 810 Mw in 2006 to 25,000 Mw by 2020. Also, installed capacity for photovoltaic power is to increase from 32.7 Mw in 2006 to 3,000 Mw by 2020.”

“French companies can play a major role in India’s proposed wind and solar capacity addition plans. At present, against the total installed capacity of over 1,40,000 Mw, renewable energy contributes a mere 10,000-14,000 Mw,” said an official. They added the proposed agreement would be similar to the pact between India and the US that aimed to promote investment and technology sharing in renewable energy.

It will be interesting to see what kind of initiatives are announced during the visit of the French President to India early next month.

It is clearly an exciting time for renewable energy and cleantech in India given the developments. Panchabuta, will strive to keep its readers appraised of the latest developments in the ground and track the announcements and their progress in the time ahead.

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