Investors pledge to back India’s big green power plan | business | Hindustan Times
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Investors pledge to back India’s big green power plan

business Updated: Feb 08, 2015 01:03 IST
Bishnu K Jha
Bishnu K Jha
Hindustan Times
green power

A-farmer-ploughs-his-land-near-Brahmanvel-Maharashtra-site-for-a-large-windmill-project-by-Suzlon-Satish-Bate-HT-file-photo

India’s aim to increase its renewable power generation five-fold in the next five years has got a thumbs up from investors who have committed to install capacity to generate 208 gigawatts (GW) of solar and wind power, 50% more than the government’s target for the next five years.

The commitment has come from both solar and wind companies from across the world in response to Prime Minister’s Narendra Modi’s decision to hold India’s first three-day global Renewable Energy investment summit from February 15 in Delhi.

“The response has been tremendous. We have received green commitment certificates from a large number of investors pledging to set up projects in the country over the next five years,” a senior Ministry for New and Renewable Energy (MNRE) official told HT.

About 127 companies as well as financial institutions and public sector undertakings have submitted their green commitments for generating power from green sources. In addition, 12 companies have agreed to set up manufacturing facilities of equipment worth 45,000 MW.

The proposed investment is a result of a slew of promises made by the National Democratic Alliance government in the last seven, including an increase in the solar generation target from 20,000 MW to 1,00,000 MW by 2020, as first reported by HT on October 3, 2014. The government has also set a target to generate 60,000 MW (600 GW) from wind sources by 2020.

The government has also decided to set up 25 solar parks to ensure grid connectivity of solar projects coming up in far-flung areas.

Sources said the government would announce tax incentives for the renewable energy sector and new manufacturing hubs in the first full budget of Narendra Modi government at the end of this month.

Sources said the government would announce tax incentives for the renewable energy sector and new manufacturing hubs in the first full budget of Narendra Modi government at the end of this month.