Commitments of Re-Invest 2015 under progress: Minister

 The Dollar Business Bureau The Union Minister of New and Renewable Energy, Piyush Goyal, on Thursday, informed that the Central government has started interactions with the State Governments to facilitate the fulfillment of the commitments received in the RE-INVEST 2015. In this regard, the Minister informed about the financial commitments given by the banks and financial institutions for Green Energy projects, up to 2021-22. According to the official statistics by the Ministry of New and Renewable Energy, Green Energy Financing Commitments submitted for financing up to 2021-22, in the recently held RE-INVEST 2015, accounts to about Rs 3,52,640 crores for 70,505 MW of generation. The Minister informed about the implementation of Green Energy Corridor Project for evacuation of renewable energy from generation points to the load centres across the country. For this purpose, he said, the creation of inter-state and intra-state transmission infrastructure is also under implementation in renewable energy rich States, for the supposed renewable power capacity addition during 12thFive Year Plan period, i.e., by March 2017. Under this process, the intra-state transmission component is being implemented by the respective states, in association with the Power Grid Corporation of India (PGCIL), the Minister added. The Minister also informed that the estimated production from the biogas plants set up across the country during the 11^th five year plan, is about 85963.53 lakh cubic metres. A total number of 6.10 lakh family-type biogas plants were installed in the country during the 11^th five year plan against a target of 6.40 lakh plants, under the National Biogas and Manure Management Programme, the Minister added. The Minister further informed that the investments in the renewable energy power projects are mainly from the private sector, besides the generation based incentives and viability gap funding by the government. In a move towards tapping renewable energy potential in the country, the government has also asked the PGCIL to identify energy potential in desert regions in the States of Rajasthan (Thar), Gujarat (Rann of Kutch), Jammu & Kashmir (Ladakh), and Himachal Pradesh (Lahul & Spiti). According to the 2013 PGCIL report on ‘Desert Power India- 2050’, a total potential of 315.7 GW of solar and wind power is available in the above mentioned desert regions.  For further harnessing the available potential in those regions up to 2050, a total investment of Rs 43,74,550 crore is required, says the PGCIL’s report. These steps being taken by the Government of India in harnessing the energy potential of the country will definitely be a boost to all the sectors contributing to the growth of national economy and will help the government to overcome long-term energy challenges.  

This article was published on March 12, 2015.