India-US collaboration a vital enabler in accelerating clean energy finance, says Ratul Puri

With more than USD 150 billion investments required to meet India's renewable energy plans over the next six years, Chairman Hindustan Power projects, Ratul Puri today talked of India-US partnership as a critical enabler in accelerating clean energy finance.

"This is going to be a vital enabler to make India's renewable program successful. Indian debt markets do not have the depth to finance India's renewable build out," said Puri while speaking at the CII-Indiaspora Dialogue 'Mission 2022'.

India is set to contribute more than any other country to the projected rise in global energy demand, around one-quarter of the total. Even so, energy demand per capita in 2040 is still 40 percent below the world average.

According to reports, the country requires an investment of USD 2.8 trillion in energy infrastructure 2/3 of it into the energy value chain and the balance into energy efficiency.

"Further, with an installed capacity of 44 GW of renewable (eight Mw solar and 36MW wind and others) and a target of 175 GW by 2022, India presents one of the largest investments opportunities in the renewable space. The total investment needed to achieve this target exceeds USD 150 billion, added Puri.

"Key challenge in renewable energy is in addressing the variability of generation. Technology can play a major role is addressing this problem. A combination of low cost storage combined with smart grids and the internet of things can help manage supply and demand. A rapid implementation of these technologies is vital to making India's renewable program viable and successful," he added.