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RE-Invest to garner more than expected investment: Piyush Goyal

New NDA govt revises renewable based power generation capacity addition to 1,00,000 Mw in solar and 60,000 Mw in wind based power

BS Reporter  |  New Delhi 

Piyush Goyal

Placing huge bet on India’s first global renewable energy conference, Piyush Goyal, minister of state for coal, power and renewable energy, said the congregation of stakeholders would attract investments of $200 billion.

“In terms of companies which are participating, several have committed to invest in renewable energy and those commitments total to the numbers which are even more than the entire mission we have set up,” Goyal told reporters.

The National Democratic Alliance government has revised the renewable power generation capacity addition to 100,000 Mw in solar and 60,000 Mw in wind-based power. Solar power capacity is currently 3,000 Mw and wind-based power is 21,000 Mw. Renewable energy accounts for six per cent in the optimum power mix of the country.

Goyal said the government was trying to do away with the subsidy regime. “We are looking at models wherein the investors are incentivised for harnessing renewable energy.The government would also introduce incentives on ‘renewable purchase obligation’ in the Electricity Act of 2014,” said Goyal.

The ministry of new and renewable energy is organising Renewable Energy Global Investors Meet & Expo from 15-17 February 2015 in New Delhi.

The aim of the government through this global event is to invite all stakeholders on one platform alongside the government.

First Published: Thu, February 12 2015. 00:45 IST