With commitments of 266,000 MW, including 10,000 MW from state-run NTPC,
the three-day 'First Renewable Energy Global Investors Meet and Expo
(Re-Invest)' concluded here Tuesday making it the "take off"
conference towards revolutionising India's energy sector. "The
commitment of 266,000 MW is far in excess of our plans," Power and
Renewable Energy Minister Piyush Goyal said in his address at the conference's
valedictory session. "I am going to hold each company responsible for
meeting these commitments. In fact, I've given them a one-week window, because
I don't want them going back on their commitments later," he added. Goyal
also told the gathering that he had secured financing commitment for 78,000 MW
worth of renewable energy projects. Saying never had so much investment been
committed in a conference on renewable energy, Railway Minister Suresh Prabhu
said: "Re-Invest 2015 is going to be a game changer for the energy
scenario of the world and India
would soon be the renewable energy capital of world." On the occasion, 14
banks and financial institutions, eight public sector units and 15 private
sector companies gave green energy commitments to the ministers present, who
included Environment Minister Prakash Javadekar. He announced that environment
clearances for green energy will be given through the green channel. State-run
power generator NTPC will invest Rs.60,000 crore ($10 billion) for setting up
renewable energy projects in the next five years, the company announced
Tuesday. NTPC, in a statement here, said it will add 10,000 MW to its existing
capacity of 43,143 MW through solar projects in the next five years. An overall
investment of around Rs.60,000 crore is envisaged for the project. The company
said it has already floated the notice inviting tenders for four solar projects
of 250MW each in Andhra Pradesh, Madhya Pradesh, Telangana and Rajasthan and
one 500MW project in Andhra Pradesh. NTPC had generated more than 100 Million
Units by renewable energy during 2014-15. Recently, the country's largest
generator signed a term loan agreement f Rs.10,000 crore and Rs.2,000 crore
with state-run State Bank of India
and Bank of Baroda, respectively, for partially funding its capital
expenditure. Among others companies that committed at the conference are
Welspun Energy with a target to generate 11,000 MW renewable energy, followed
by ReNew Power 11,500 MW capacity, Reliance Power 6,000 MW, Hindustan
Powerprojects 10,000 MW and Sun Edison 15,000 MW. Yet others like Suzlon and
Gamesa have respectively committed to manufacture equipment to help generate
11,000MW and 7,500MW of power from renewables.