12,138.9532.05
Stock Analysis, IPO, Mutual Funds, Bonds & More

Modi government taking several steps to incentivise renewable energy sector: R. K. Singh

The government is facilitating developers by allowing Foreign Direct Investment (FDI) of up to 100% through the automatic route. Moreover, Inter State Transmission System (ISTS) charges and losses for inter-state sale of solar and wind power shall also be waived for renewable projects commissioned by December 2022.

Team ProductLine|
Dec 06, 2019, 05.02 PM IST
0Comments
Agencies
India's renewable energy scenario
According to data released by MNRE, renewable energy projects with a cumulative capacity of 36,803.68 MW have been implemented across various states and UTs between April 2016 and October 2019.
Pollution has long been a pressing issue in India. The national capital experienced nine consecutive days with hazardous air quality last month and situations in several other cities across the nation are likewise. With a global study recently claiming India’s coal power plants to be the ‘unhealthiest’ in the world, foraying into sustainable forms of energy has become highly important for the country.

In its bid to promote the use of non-conventional sources of energy, MNRE has set a target of achieving 175 GW of installed renewable energy capacity by 2022. The government is taking several steps to incentivise the renewable energy sector in the country and is encouraging private sector developers to implement advanced technologies in renewable energy projects to tap maximum energy.

The Minister of State (IC), New & Renewable Energy, Power and Skill Development and Entrepreneurship, R.K. Singh, in Lok Sabha on Thursday stated that private sector developers selected through transparent bidding process were undertaking most of the renewable energy projects in the country. “Government has issued standard bidding guidelines to enable the distribution licensees to procure power at competitive rates in a cost-effective manner,” Singh said.

Discussing the initiatives being taken by the ministry to aid the growth of renewable energy in the country, Singh said that the government is facilitating developers by allowing Foreign Direct Investment (FDI) of up to 100% through the automatic route. Moreover, Inter State Transmission System (ISTS) charges and losses for inter-state sale of solar and wind power shall also be waived for renewable projects commissioned by December 2022.

Reach out to Top Solar & Renewable Energy Products Dealers near you and get free quotes

Norms for Renewable Purchase Obligation (RPO) until 2022 has been prescribed. Grid integration of large scale renewable energy capacity addition shall be aided by the development of Green Energy Corridors.

Briefing the lower house about the new schemes launched by the government for the renewable energy sector, he added that programs such as PM-KUSUM, solar rooftop phase II, 12,000 MW CPSU scheme Phase II, etc. have been introduced in the recent past.

According to data released by MNRE, renewable energy projects with a cumulative capacity of 36,803.68 MW have been implemented across various states and UTs between April 2016 and October 2019. While solar and wind power projects were the major contributors to this capacity with 24,933.45 MW and 10,312.63 MW respectively, small hydropower projects added 373.15 MW, bio-power projects 1,135.45 MW and waste to energy projects contributed 49 MW. With 8,683.8 MW, Karnataka installed the highest capacity during this period followed by Andhra Pradesh with 5,424.91 MW and Gujarat with 4,871.552 MW in the second and third spot respectively.

A total of Rs 3,916.36 crore was allocated and released in the form of Central Financial Assistance (CFA) for the implementation of renewable power projects in 2016-17, Rs 3,768.73 crore during 2017-18 and Rs 4,476.20 during 2018-19.

Singh also mentioned that the National Institute of Wind Energy (NIWE) with foreign assistance has conducted studies during the past three years and in the current year for technological advancements in the field.

Reach out to Top Solar & Renewable Energy Products Dealers near you and get free quotes

Also Read

Germany's 50Hertz absorbed 60% of renewable energy on grid in 2019

Chinese internet firms falling behind on renewable energy goals - Greenpeace

SoftBank in talks to sell stake in Indian renewable energy venture

Cabinet approves pact with Guinea on renewable energy

Renewable energy's share of German power mix rose to 46% last year

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service