Wednesday, October 08, 2014: The ministry of new and renewable energy looks forward to organise the country’s first global renewable energy investors summit during the next year. The Indian government is putting all possible efforts to draw the attention of international investors towards the renewable energy sector.
The aforesaid concept is new for the Indian clean energy sector, albeit the general investors summit, which was organised by Prime Minister Narendra Modi while he was the chief minister of Gujarat, had attracted major chunk of investment for solar energy sector. It was all through these investments that Gujarat managed to set up more than 900 MW in solar power capacity. Gujarat today possess Asia’s largest solar park, with over 200 MW capacity.
The summit would help in achieving Modi’s target of 100 GW of cumulative installed renewable energy capacity within next five years. Country’s current installed power generation capacity is about 250 GW. The government is trying to replace the traditional coal and gas-based power plants with the renewable energy at a commendable pace. The traditional coal and gas plants face several legal obligations and are even struggling to procure adequate fuel to meet the rising requirements. The ministry of new and renewable energy has even signed an agreement recently to develop the country’s first offshore wind energy project.
