February 04, 2016 | $20 billion of investment is anticipated from fiscal 2016-17 for harnessing the potential of solar and wind energy in India from leading financial agencies world over at a consistent volume and quantum for next three years to enable it add solar and wind capacities to an estimated level of between 10,000 to 12,000 mw each year by 2019, according to CMD, Indian Renewable Energy Development Agency (IREDA), K S Popli.
Inaugurating a National Conference on Renewable Energy under aegis of PHD Chamber of Commerce and Industry here today, Popli said that until now, the solar and wind segments of the renewable energy have already attracted close to $10 billion of investments from global and domestic financial institutions.
“Of the $10 billion of investments, the share of solar has been to the tune of $5 billion and that of wind $4.3 billion for projects generating energy through these two renewable sources to an extent of between 7,000 to 8,000 mw. The projects likely to generate between 7,000 to 8,000 mw of solar and wind energy would be commissioned earlier than anticipated without disclosing a definite deadline for their commissioning”, said Popli.
The financial agencies and institutions that the IREDA has been in touch to corner an anticipated investments of $20 billion every year from next fiscal comprise the World Bank, Asian Development Bank and other similar financial institutions in view of the prospects and potential that solar and wind energy carry in India, pointed out Popli adding that solar segment alone is expected to attract $15 billion of investments and $5 billion likely to harness India’s wind energy.
“The solar and wind energy sector in India and even other parts of the globe have become a suitable alternate to fossil fuels due to obvious reasons. India now gradually provides for a stable interest regime policy and the entire federal system in this country has become supportive to fully realize the potential of solar and wind energy. These factors work in favour of alluring and eliciting investments from global and domestic investors, especially at times when the Prime Minister Modi himself is committed to make India an attractive hub for solar and wind energy”, argued Popli.
Speaking on the occasion, Managing Director, Solar Energy Corporation of India (SECI) Dr. Ashvini Kumar said that his corporation would come out floating tenders for great deal of solar capacities in next two weeks as the government has already asked it to commissioned solar energy projects with capacities of 3,000 mw by March 2017.
The prospective states that are coming forward with supportive solar energy policies comprise Andhra, Karnataka, Maharashtra, Madhya Pradesh, Gujarat, Uttar Pradesh and even smaller states such as Uttarakhand, he added.
Among others that spoke a great deal about renewable energy prospects in India complimenting the government for its pro-active and supportive policies towards it consisted of the Chairman, Renewable Energy Committee, PHD Chamber Sanjeev Gupta and its Director, Dr. Ranjeet Mehta.
