India cites $196 billion worth projects, seeks global investments in renewable energy sector

India is committed to increasing domestic manufacturing of high-efficiency SPV modules for which a total budget outlay of Rs 24,000 crore has been made, Minister of State for New and Renewable Energy, Bhagwant Khuba said while speaking at the Intersolar Europe 2022 conclave being held in Munich, Germany.

New Delhi:India offers a huge potential for renewable energy resources which is supported by a strong policy foundation, the Centre highlighted on Friday while claiming that projects worth $196 billion were already on in the country.

“India offers a great opportunity for investments. Currently, around projects worth $196.98 billion are underway in the country. I invite all the developed countries and major renewable energy players to utilise the opportunity India is offering to the world,” Minister of State for New and Renewable Energy, Bhagwant Khuba said while speaking at the Intersolar Europe 2022 conclave being held in Munich, Germany.

He delivered the keynote address at the investment promotion event on “India’s Solar Energy Market.” According to an official release, the minister pointed out that India has seen incredible growth in renewable energy capacity in the past seven years and has achieved a target of generating 40 per cent cumulative electric capacity from non-fossil fuels in 2021.

“This was nine years ahead of the set target of 2030. India is committed to promoting domestic manufacturing in the solar photovoltaic (SPV) battery sector to achieve its ambitious deployment goals. Several policy measures have been undertaken to support the domestic PV manufacturing sector,” the minister said at the Munich summit.

He also emphasized that India is committed to increasing domestic manufacturing of high-efficiency SPV modules for which a total budget outlay of Rs. 24,000 crore has been made. Further, to promote the Green Hydrogen Mission, under which the country hopes to generate 4.1 Million Tonnes of annual Green Hydrogen production, the government has estimated an outlay of Rs. 25,425 crore, the minister said.

Highlighting the country’s achievements in promoting green energy, Khuba further said India is all set to achieve the net-zero target of green emissions by 2070 and install 500GW of non-fossil energy capacity by 2030 as per the targets set during the global climate change summit COP-26.

The event in Munich is crucial in terms of potential benefits that India can garner such as technology transfer in the field of solar, investments in solar manufacturing by international investors, investment from development banks, and knowledge sharing pacts with Europe.

Intersolar is the world’s leading exhibition series for the solar industry and its partners. It unites people and companies from around the world with the aim of increasing the share of solar power in our energy supply, said an official.

Intersolar exhibitions and conferences are held in Munich, São Paulo, Long Beach, Gandhinagar, Dubai and Mexico City. The event will be attended by more than 20,000 people including ministers and secretaries from various nations.

Major multinational companies of the Renewable Energy sector like ABB, Siemens, Ercon, 3S Swiss Solar Solutions, Meyer Burger Technologies AG, BayWa r.e. GmbH, Engie, Enel, and Wacker are likely to be represented through their CEOs at the event, said a statement.