CoP25: India promises pro-business environment, policies for renewables

The government has assured renewable energy developers of providing more business-friendly environment and policies like payment secuirty mechanism to lower risk on investment.

"Government is committed to managing curtailments to enhance the ease of doing business for developers in the renewable energy sector," New and Renewable Energy Secretary Anand Kumar said on the sidelines of the ongoing Madrid Climate Conference (CoP25) at Madrid in Spain late Monday.

A payment security mechanism to de-risk investments in renewable has also been been put in place, and on the demand side, the ministry is working with farmers and commercial and industrial (C and I) consumers to embed them into the renewables value chain as direct stakeholders, he was quoted as saying in a release by the Ministry of New and Renewable Energy (MNRE).

At the summit, the official also informed about India's 175 GW renewable energy capacity by 2022 and said 83 GW has already been installed, and additional 70 GW capacity is under fruition.

The MNRE aims to bid out the balance capacities for solar and wind by June 2020, giving developers 30 months to complete deployment, Kumar said.

"Kumar (also) underlined the need for catalysing private investment and expand India's clean energy market through innovative risk mitigation and aggregation instruments. He stated that the additional investments in renewable up to year 2022 would be about USD 80 billion at today's prices and an investment of around USD 300 billion would be required up to 2030," the statement said

The official also briefed about the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM- KUSUM) Scheme for farmers to install solar pumps and grid connected renewable power plants, targeting 26GW capacity and 1.7 million farmers by 2022.