Govt sets target for 5-fold increase in share of renewable in energy mix: Piyush Goyal
Updated: Nov 25, 2014 03:26:19pm
New Delhi, Nov 25 (KNN) The government has declared its commitment to raise the share of renewables, particularly solar energy, in the total energy mix of the country from 20 Gigawatts now to 100 Gigawatts by 2020, marking a five-fold expansion from 6 per cent to 15 per cent.
This was stated here today by Minister for Power, Coal, New and Renewable Energy, Government of India, Piyush Goyal while inaugurating the first of its kind FICCI-UNEP Conference on Designing a Sustainable Financial System, according to an official release.
“A USD 100 billion investment in the expansion of renewables is doable and fundable for which viable business model would have to be devised to make makers want to lend for the development of the sector,” he said, adding that “subsidies are no solution to the attracting investment.”
Bankers, he said, needed to reorganize their lending norms in such a manner that auto and home loans could be clubbed along with the installation of rooftop solar panels. He advocated the use of escalating tariff for solar power to achieve grid parity over a five-year term. “A more realistic interest rate with staggered repayment, could perhaps be the answer to solar energy expansion, he said.
The Minister said solar panels and other related equipment could be installed in arid and non-agricultural land on a 20-25 year lease and the land owner could be paid compensation with the funds generated by the investor. Such a model would do away with the need to acquire land, he emphasized.
He said two new power schemes have been launched by his ministry – the Deen Dayal Upadhyaya Gram Jyoti Yojana for providing 24x7 power to every farm and home in the rural areas and the Integrated Power Development Scheme for urban areas. The government also proposes metering transmission of power from the generation up to the consumer point so as to monitor and segregate pockets with T&D losses and theft. Once this is done, the discoms would be able to cut down their losses without having to raise tariffs, he pointed out.
The amendment of Electricity Act 2003 put renewables in focus and place larger targets to buy RE and strictly imposing RE generation. He mentioned that like Renewable Power Obligation (RPO), the government will bring Renewable Generation Obligation (RGO) for every power generator to also generate renewable energy in their mix. Strict enforcement of RPO and RGO will be done with stiff penalties.
Goyal announced that the Global Investors Meet on Renewable Energy would be held in New Delhi on February 15-17, 2015 and renewed his call for making India the Renewable Energy Hub.
The Minister launched the UNEP India Inquiry for Design of a Sustainable Financial System for India with an executive briefing that was released at the conference. FICCI is steering the UNEP India Inquiry and the India Advisory Council of the UNEP India Inquiry which is being chaired by Naina Lal Kidwai. (KNN/ES)
This was stated here today by Minister for Power, Coal, New and Renewable Energy, Government of India, Piyush Goyal while inaugurating the first of its kind FICCI-UNEP Conference on Designing a Sustainable Financial System, according to an official release.
“A USD 100 billion investment in the expansion of renewables is doable and fundable for which viable business model would have to be devised to make makers want to lend for the development of the sector,” he said, adding that “subsidies are no solution to the attracting investment.”
Bankers, he said, needed to reorganize their lending norms in such a manner that auto and home loans could be clubbed along with the installation of rooftop solar panels. He advocated the use of escalating tariff for solar power to achieve grid parity over a five-year term. “A more realistic interest rate with staggered repayment, could perhaps be the answer to solar energy expansion, he said.
The Minister said solar panels and other related equipment could be installed in arid and non-agricultural land on a 20-25 year lease and the land owner could be paid compensation with the funds generated by the investor. Such a model would do away with the need to acquire land, he emphasized.
He said two new power schemes have been launched by his ministry – the Deen Dayal Upadhyaya Gram Jyoti Yojana for providing 24x7 power to every farm and home in the rural areas and the Integrated Power Development Scheme for urban areas. The government also proposes metering transmission of power from the generation up to the consumer point so as to monitor and segregate pockets with T&D losses and theft. Once this is done, the discoms would be able to cut down their losses without having to raise tariffs, he pointed out.
The amendment of Electricity Act 2003 put renewables in focus and place larger targets to buy RE and strictly imposing RE generation. He mentioned that like Renewable Power Obligation (RPO), the government will bring Renewable Generation Obligation (RGO) for every power generator to also generate renewable energy in their mix. Strict enforcement of RPO and RGO will be done with stiff penalties.
Goyal announced that the Global Investors Meet on Renewable Energy would be held in New Delhi on February 15-17, 2015 and renewed his call for making India the Renewable Energy Hub.
The Minister launched the UNEP India Inquiry for Design of a Sustainable Financial System for India with an executive briefing that was released at the conference. FICCI is steering the UNEP India Inquiry and the India Advisory Council of the UNEP India Inquiry which is being chaired by Naina Lal Kidwai. (KNN/ES)
Loading...
