India had set a target of 175 GW renewable energy capacity by 2022 and has already installed 80 GW and is set to exceed the target, the Ministry of New & Renewable Energy noted in a latest update. India is among the countries with the largest production of energy from renewable sources. As of June 30, 2019, India has an installed renewable energy capacity of 80.47 GW, of which solar and wind comprises 29.55 GW and 36.37 GW respectively. Biomass and small hydro power constitute 9.81GW and 4.6GW respectively. Thus, India offers one of the largest investment opportunities in the renewable space. The Government of India allows a 100% FDI under the automatic route for projects of renewable power generation and distribution.
Ministry of New & Renewable Energy organised Curtain Raiser ceremony for the 3rd Edition of Renewable Energy Investors' Meet and Expo (RE-INVEST 2019) which will be held from 30th October to 2nd November 2019 in India, coinciding with the Second Assembly of International Solar Alliance (ISA). Objective of the event is to attract the right investments in renewable energy (RE) and present India's RE story to the world.
Delivering the keynote address at the Curtain Raiser, Union Minister of State for Power and New & Renewable Energy (IC) and Skill Development & Entrepreneurship RK Singh said that India holds enormous potential in renewable energy and it is an exciting place to invest in RE. "We have witnessed the emergence of an international consensus for renewable energy & RE-INVEST provides the perfect platform to take it forward," the Minister added.
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