300 companies commit to clean energy in India

Nearly 300 companies have committed to generating over 250,000 MW of clean energy in support of the governments ambitious renewable energy plans.

The global and domestic firms have committed to creating a total of 266,000MW of solar, wind, mini-hydel and bio-mass power in India over the next 5-10 years.

The 266GW commitment is expected to require investment of US$310-350 billion.

The ministry of new and renewable energy secretary, Upendra Tripathi, said: “Around 293 firms have shown interest to set up renewable power plants in the country and some have assured to manufacture equipment as well.”

The plans were announced at the first Renewable Energy Global Investors Meet (RE-Invest) in the capital New Delhi on Sunday.

In line with Prime Minister Narendra Modi’s Make in India plan, the government has also got assurances for launching approximately 50,000MW of manufacturing and EPC facilities for solar and wind power.

Piyush Goyal, India’s power, coal and renewable energy minister, said: “Renewable energy is one of the 25 sectors identified under Make in India campaign. To create jobs in India, we have to drive the manufacturing sector. I want to see India becoming a renewable energy hub. What we inherited is a mere 6 per cent share of renewable energy in the India energy basket…and we are looking to expand (it) to over 15 per cent in the next 10 or 12 years.”

The country’s total renewable energy capacity is currently around 34,000MW, and Modi is targeting a five-fold increase, according to Goyal.