The Union Ministry of New and Renewable Energy (MNRE) has opened an Industry and Investors’ Facilitation Centre in the Ministry. This will work as a focal point to provide correct and timely information on policies and programmes of the Government and also resolve issues of the renewable energy (RE) investors and industry in the country.
Underlining the importance of this Centre, power minister R.K. Singh said, “We are committed to increase our share of RE to 40% of our total power generation capacity by 2030 to mark India’s significant contribution towards mitigating climate change challenges. This centre will play an important role to achieve this goal. The Facilitation Centre will work as a fast track mechanism in resolving the investors’ issues and taking the Ease of Doing Business to a notch higher.”
Referring to the efforts to enhance RE capacity, the Minister said that 86 GW capacity has already been installed, 34 GW is under implementation while 30 GW is at various stages of tendering. The Ministry is setting up ultra mega RE power projects for providing land and transmission on plug-and-play basis.
The minister also said that his Ministry is constantly working on greater ease of doing business. The Ministry has strengthened power purchase agreements (PPAs) and Letter of Credit measures for payment security mechanism.
The Centre headed by Joint Secretary (Amitesh Kumar Sinha), MNRE, will catalyse and boost investor confidence and ensure timely completion of the projects in the sector. Soon, a dedicated portal will be developed for the purpose.
It may be added that India’s renewable energy journey has been largely supported by private investment. Till date it has attracted about $100 billion investment and $14 billion is in the process. India further requires about $65 billion investment in RE sector.