Shri Deepak Gupta, Secretary, Ministry of New & Renewable Energy has stated that while the industry is playing a major role for production of renewable energy equipments and major manufacturing capabilities have been built up, some of the Indian companies have also achieved global leadership in some of the renewable energy areas.
While the industry is aggressively involved in the development of renewable energy particularly in wind power, bio-mass power, bagasse co-generation and small hydro power, some of the large industrial groups and small and medium enterprises are also entering into this emerging sector. He was addressing the conference on Renewable Energy for Industry: A Paradigm Shift, organized by the PHD Chamber of Commerce.
Addressing the gathering, he stated that the access to electricity has been provided in about 7,000 villages and hamlets through renewables.
Focus is also been given on utilizing the potential in urban areas and in industry. He expressed hope that the conference will focus on the potential of solar energy and other renewable energy systems in the industrial sector and discuss new possibilities and opportunities.
Investments in the renewable energy sector have soared with rapidly growing generating capacity as well as the manufacturing capabilities.
Venture capital and private equity investments in the sector have been growing.
Debt financing is provided by commercial banks and leading financial institutions in the power and infrastructure sectors.
Indian Renewable Energy Development Agency (IREDA), the corporate financing arm of the Ministry, is providing sustained financing support to the sector.