RE-INVEST 2015 Concludes with 2,66,000 MW Commitments of Green Energy

The RE-INVEST 2015 which concluded yesterday is the take off point which will have a multiplier effect in the economic front, said the Finance Minister Shri Arun Jaitley. Addressing the valedictory session of the three day event, Shri Jaitley said that this will lead to enormous jobs generation, investments resulting in profitability, competitiveness between various sectors, filling up the gaps in power supply, enhancement of manufacturing sector, and yet not hurting the environment. The Finance Minister pointed out that this conference is a starting point of a great initiative whose effect will be clearly visible in the coming years.

Shri Jaitley said India has a very large land mass and therefore raw material required for renewable energy is right in front of us. It would be sheer incompetence if we are not able to convert this into a resource, and therefore the initiative which the Prime Minister has taken in the renewable energy sector , created an economically conducive environment. There is a huge change of mood and attitude in India, and that is reflective in the large scale enthusiasm shown in this conference. The Finance Minister said the kind of enthusiasm that the international investors are reposing in India today is a very rare occasion in the history, where you can become a natural recipient of both domestic and international investments. There is a great opportunity for India to grow in terms of manufacturing and we also have to concentrate on our infrastructure. Shri Jaitley added that the starting point of all this has to be the credibility of the Indian economy, the faith of people in Indian economy, and our ability to provide opportunity to investors and it is from that point of view our own systems have to be tuned themselves accordingly.

The Finance Minister said that the coal auctions initiated by the present government, will ultimately lead to a roadmap for cheaper electricity, and the process of reverse bidding will reach the common man in a sustainable manner.

Speaking on the occasion, the Railway Minister Shri Suresh Prabhu, said that RE-INVEST 2015 is a significant step in making India self reliant in energy. With the ambitious target of 200GW of solar energy, he said this is going to be a game changer for the energy scenario of the world and India would soon be the Renewable Energy capital of world. The Minister said if more commercial electricity is made available to villages, then migration from villages could be stopped.

The Minister of State(IC) for Environment, Forests, and Climate Change Shri Prakash Javadekar announced that environment clearances for green energy will be given through green channel. He also said that the government would provide predictable policy regime with standard guidelines.

The Vice Chairman of NITI Aayog, Shri Arvind Panagariya speaking on the occasion said that there is a vast potential of wind and solar energy in the country which are complementary to each other which needs massive investments. He also said that in the coming years, challenges in cost effective renewable energy appliances have also to be taken into consideration.

Outlining the future action plan in the renewable energy sector, Shri Piyush Goyal, Minister of State ( IC) for Coal, Power and New & Renewable energy said that a long term roadmap will be drawn to achieve the targets of RE . He said there will be a monthly working session with various states so that the developers and states can work in partnership and there will be a six monthly personal review to ensure that the policies are actually implemented on the ground. The Ministry of New and Renewable energy will work actively in identifying the infrastructure requirements and de-bottling them, so that the manufacturers in India can successfully take their plans forward, Shri Goyal added.

On the occasion, 14 banks and financial institutions, 8 PSUs and private manufacturers, 15 private sector companies gave their Green Energy Commitments to the Ministers. Green Energy Commitments worth 2,66,000 MW were received during the conference. 2800 delegates from 42 countries participated in the three day RE-INVEST 2015. 200 global investors providing financing and investment solutions also participated. 9 states showcased their policy initiatives in the renewable energy sector.

Shri Upendra Tripathy, Secretary, Ministry New & Renewable Energy informed the meeting that 14 companies from seven countries have their Green Energy Commitments for 58 GW. Similarly, 22 PSUs for 18 GW, 257 private limited companies for 190 GW and the Railways for 5000MW have submitted their commitments for renewable energy. In addition, 27 banks have also submitted their commitments for financing 72 GW renewable energy projects.

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