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RE-Invest to garner more than expected investment: Piyush Goyal

According to reports, placing huge bet on India’s first ever global renewable energy conference, Piyush Goyal, minister of state for coal, power and renewable energy said the congregation of stakeholders would attract investments to the tune of $200 billion.

“In terms of companies which are participating, several have committed to invest in renewable energy and those commitments total to numbers which even are more than the entire mission we have set up,” Goyal told reporters.

The new NDA government has revised the renewable based power generation capacity addition to 1 lakh mw in solar 60,000 mw in wind based power. The current solar power capacity is 3,000 mw whereas wind based power in the country is 21,000 mw. Renewable energy accounts for 6% in the optimum power mix of the country.

Goyal said that the government is trying to do away with the subsidy regime in the sector. “We are looking at models wherein the investors are incentivised for harnessing renewable energy.The government would also introduce incentives on ‘renewable purchase obligation’ (RPO) in the Electricity Act-2014,” said Goyal.

The ministry of new and renewable energy is organising Renewable Energy Global Investors Meet & Expo (RE-Invest) from 15-17 February 2015 in New Delhi. The aim of the government through this global event is to invite all stakeholders from project developers to financiers on one platform alongside the government.

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