India sought after for green energy agreements, says renewables secretary | Economic Times

New Delhi: Foreign countries are actively seeking partnerships in renewable energy with India, whose ambitious targets will translate into an investment opportunity of Rs 1 lakh crore per year over the next decade, renewable energy secretary Indu Shekhar Chaturvedi told ET.“Bilaterally, we see great interest abroad in the Indian renewable energy story. Countries with impressive renewable energy capacities and experience are keen to partner with India,” he said.Chaturvedi said six countries — UK, Germany, France, Australia, Denmark, and Maldives — will be partners in the Global Renewable Energy Investment Meeting and Expo, which PM will inaugurate on Thursday. Over 200 manufacturers, developers and investors will also be speaking at the event.Officials said India is the world’s fastest-growing market for renewable energy, offering huge investment opportunities, as the country has set ambitious targets to expand capacity. India is already among the world’s top renewable energy producers with investments of more than ₹4.7 lakh crore in six years.“India’s plans for renewables for 2030 will translate into an investment opportunity of around ₹1 lakh crore per year. India has very liberal foreign investment policy for renewables, allowing foreign investors, either on their own or in joint ventures with Indian partners, to set up renewable energy based power generation in India,” a government official said. The government had taken a number of policy measures to ensure “ease of doing business” for renewable energy in the country, and to address challenges. It is also regularly consulting industry on various issues and necessary reforms. The international conference will also help the ministry of new and renewable energy in engaging with various stakeholders in the sector, officials said.“We expect to see informative and enriching sessions on a variety of areas, related to renewable energy over the three days of the conference,” Chaturvedi said. The government is also taking steps to support domestic production of solar equipment. Various government schemes have created a domestic demand and assured market of around 40 GW of domestically manufactured solar PV cells and modules, officials said.Renewable energy is also making inroads in the farm sector, where millions of diesel pumps will be replaced by solar pumps.