Re-invest meet yields 260,000 MW commitment on green energy

Sarkaritel
By Sarkaritel February 18, 2015 11:37

Re-invest meet yields 260,000 MW commitment on green energy


New Delhi, Feb 18  With commitments of 266,000 MW, including 10,000 MW from state-run NTPC, the three-day ‘First Renewable Energy Global Investors Meet and Expo (Re-Invest)’ concluded here making it the “take off” conference towards revolutionising India’s energy sector.

“The commitment of 266,000 MW is far in excess of our plans,” Power and Renewable Energy Minister Piyush Goyal said in his address at the conference’s valedictory session.

“I am going to hold each company responsible for meeting these commitments. In fact, I’ve given them a one-week window, because I don’t want them going back on their commitments later,” he added.

Goyal also told the gathering that he had secured financing commitment for 78,000 MW worth of renewable energy projects.

Saying never had so much investment been committed in a conference on renewable energy, Railway Minister Suresh Prabhu said: “Re-Invest 2015 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.”

On the occasion, 14 banks and financial institutions, eight public sector units and 15 private sector companies gave green energy commitments to the ministers present, who included Environment Minister Prakash Javadekar. He announced that environment clearances for green energy will be given through the green channel.

State-run power generator NTPC will invest Rs.60,000 crore ($10 billion) for setting up renewable energy projects in the next five years, the company announced Tuesday.

NTPC, in a statement here, said it will add 10,000 MW to its existing capacity of 43,143 MW through solar projects in the next five years. An overall investment of around Rs.60,000 crore is envisaged for the project.

The company said it has already floated the notice inviting tenders for four solar projects of 250MW each in Andhra Pradesh, Madhya Pradesh, Telangana and Rajasthan and one 500MW project in Andhra Pradesh.

NTPC had generated more than 100 Million Units by renewable energy during 2014-15.

Recently, the country’s largest generator signed a term loan agreement f Rs.10,000 crore and Rs.2,000 crore with state-run State Bank of India and Bank of Baroda, respectively, for partially funding its capital expenditure.

Among others companies that committed at the conference are Welspun Energy with a target 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.

Yet others like Suzlon and Gamesa have respectively committed to manufacture equipment to help generate 11,000MW and 7,500MW of power from renewables.

Sarkaritel
By Sarkaritel February 18, 2015 11:37