Ambitious renewable energy plans of the Narendra Modi government have captured the imagination of investors.
Close to 300 global and domestic companies have committed to generate 266,000 mega watts (or 266 giga watts) of solar, wind, mini-hydel and bio-mass based power in India over the next 5-10 years.
At a likely average cost of `7-8 crore per mega watt, the 266-GW commitment would translate into an investment of close to `18-21 lakh crore or $310-350 billion.
“Around 293 firms have shown interest to set up renewable power plants in the country and some have assured to manufacture equipment as well,” secretary of ministry of new and renewable energy, Upendra Tripathi, revealed at the first Renewable Energy Global Investors Meet (RE-Invest) in the Capital on Sunday.
In line with Modi’s Make in India plan, the government has also got assurances for setting up close to 50,000 mw of manufacturing and EPC facilities for solar and wind power.
“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,” power, coal and renewable energy minister Piyush Goyal said.
“What we inherited is a mere 6% share of renewable energy in the India energy basket...and we are looking to expand (it) to over 15% in the next 10 or 12 years,” he said. India’s total renewable energy capacity is around 34,000 mw at present, and Modi is targeting a five-fold capacity increase, he added.