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Renewable energy ministry of India seeks 10-fold increase in fund outlay

According to reports, the renewable energy ministry has sought a 10-fold increase in fund outlay for the next five years. The ministry estimates requirement of Rs 40,000 crore to ramp up its capacity to 30,000 mw by 2017.

An outlay of Rs 4,000 crore was earmarked for development of renewable energy in the 11plan period of 2007-12. India’s present renewable energy capacity is over 20,000 mw of which wind farms alone generate 14,000 mw while the rest is shared between biomass, small hydro and urban-industrial waste. Solar energy capacity currently stands at 35 mw.

“The progress in the renewable energy sector is happening at a fast pace but it’s not so impressive. Road-map for the next five years is very crucial for its growth,” renewable secretary GB Pradhan said at 11th Sustainable Energy Summit on Wedenesday.

The ministry also has plans to achieve grid parity in the solar energy sector by 2017, which means that electricity generated by solar plants would be sold at the same rate as conventional electricity. Along side, it will also increase the quantum of grid connected solar power aiming at 20,000 mw.

“To achieve it, we need a strong domestic manufacturing base which can absorb technology advancement,” said Pradhan. In just two years, capacity of grid connected solar power has increased from 2 mw to 35 mw in 2011. By the end of 11th plan, ministry hopes it will reach 300 mw.

The government is also encouraging solar power with its Jawaharlal Nehru National Solar Mission, which aims to tap solar power in India, estimated to be around 5,000 trillion kWh per year energy.

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