Bankers commit finances for 78,000 MW renewable projects

In a major boost to renewable energy projects, bankers led by SBI today committed to finance projects of 78,000 MW power generation capacity and help meet the USD 250 billion investment target for the sector.
"We are ensuring that the financing aspect will be duly taken into consideration. I am happy to say that we already have commitment from bankers, investors and financiers for 78,000 MW capacity in the next five years," Power Minister Piyush Goyal told reporters here.
He added, "I am personally going to be focusing on developing more better ways to make renewable energy cheaper, close to grid parity, ensure there is adequate fund flow."

The minister said that the companies have been given a window of one week to revise or roll back their commitments if they are unable to take them forward.
"I have even given them one week window to rethink their commitments as we are not going to take these as mere promises," Goyal said, adding that if the Prime Minister believes in this as an article of faith ... Then all of us have to look at this as an article of faith."
He added, "I would urge all of you to take this as a mission that we are all going to fulfil together."

As many as 293 firms have committed to build 266 GW or 2,66,000 MW renewable energy capacity in the next five years.

An estimated Rs 6 crore is needed to set up a 1 MW of solar capacity.
US-based firms Sun Edison and First Solar and domestic companies like Reliance Power and Welspun are among the 293 entities that have committed to generating 266 GW renewable energy in the five years under the government's ambitious RE-Invest programme.
While unveiling the three-day RE-Invest conference on Sunday, Prime Minister Narendra Modi had said: "Solar, wind and biomass sources of energy are the way forward and the government is working towards making solar power more viable."

Welspun Energy targets to generate 11,000 mw renewable energy, followed by ReNew Power 11,500 mw capacity, Reliance Power 6,000 mw, Hindustan Powerprojects 10,000 mw and Sun Edison 15,000 mw.
Country's biggest lender SBI yesterday had said it would finance 15,000 mw renewable energy over the next five years.