Green Energy Projects To Produce 430 GW Under Development In India
In the budget, Rs 21,000 crore has been earmarked for renewable energy while plan is to increase the investment up to Rs 1.60 lakh crore in coming years.
Union Minister for New and Renewable Energy Pralhad Joshi informed the Lok Sabha that India is currently generating over 200 gigawatts of renewable energy, with projects in progress aiming to add another 430 GW.
The minister highlighted that the Centre has launched several initiatives to boost and expedite growth of renewable energy capacity. The government has set a target of reaching 500 GW of installed electric capacity from non-fossil sources by 2030.
"As of now we are producing over 200 GW renewable energy. Another 150 GW will be produced soon as projects are under different stages of implementation while tender process is on for 76 GW more. So we can say that 430 GW are in the pipeline," he said during the Question Hour.
Joshi stated that prior to the PM Modi government taking office in 2014, only Rs 6,000 crore was allocated for renewable energy. However, in the past decade, the expenditure has surged to Rs 36,950 crore, marking a five fold increase.
In the current budget, Rs 21,000 crore has been designated for renewable energy, with plans to boost investment to Rs 1.60 lakh crore in the coming years, he added.
The minister said complete waiver has been given to Inter State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by June 30, 2025, for Green Hydrogen Projects till December 2030 and for offshore wind projects till December 2032.
Joshi said 100% FDI is also allowed under the automatic route for renewable energy generation and distribution projects.
He said the Union Cabinet has approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects for installation and commissioning of 1 GW of offshore wind energy projects.
(With inputs from PTI)
