New Delhi: With an aim to attract large- scale investment in the country's renewable sector, India will host its first Renewable Energy Global Investors Meet and Expo - 'RE-INVEST' - from February 15 to 17 next year.
To be organised by Ministry of New and Renewable Energy (MNRE) in New Delhi, the investors' meet will be a follow up to Prime Minister Narendra Modi's 'Make in India' initiative.
Officials said it will be the first major platform for investment promotion in the renewable energy sector to signal India's commitment to its development and upscaling for meeting the energy requirement in a sustainable manner.
"It is the first follow up on 'Make in India' initiative. We will repeat it every year until we achieve 1,00,000 MW generation in Renewable Energy in next 4-5 years," MNRE Secretary Upendra Tripathy told reporters here.
He said for this India needs around 35 billion dollars of investment every year and this global investors meet will help in achieving that.
"We currently get around 6 billion dollars," he said.
Tripathy said it is also an opportunity to capture the interest shown by many industries outside India and to move forward towards achieving 1,00,000 MW of renewable energy in next five years as envisaged by Prime Minister of the country.
Officials said renewable energy is contributing about 6.5 per cent in the electricity mix of the country.
It is proposed that this would be taken to about 12 per cent in the next three year, they said.
The event is expected to be attended by over 200 investors, both domestic and international. Over 1,000 delegates are also expected to attend the meet which is likely to be inaugurated by the Prime Minister.
Besides representatives from state governments, PSE, renewable power developers and manufacturers, state renewable energy nodal agencies and other related stakeholders will also play an important role.
International companies in the renewable energy space from different countries will also have the opportunity to exhibit and showcase at the Expo to a wide Indian audience.
Tripathy said his ministry is also working with several states to set up a single window agency for speedy clearance of renewable energy projects.
"We are working in consultation with the states so that a single window agency is there for them as well as Centre and through this, we aim to make the process of clearance easier," he said.
The restoration of accelerated depreciation scheme for the sector will also help us a lot, he added.
Stressing on the need for a strong research and development base in India in this sector, Tripathy said plans are afoot for a global collaboration to give it a boost.
"We need a strong Research and Development base and for that we are thinking of a global collaboration - It will be called 'Solar Alliance'. We are also thinking of a National University for Renewable Energy so that R'n'D is given proper focus," he said.
Tripathy said before March 2015, India will be generating 5,000 MW of solar energy which would require a strong manufacturing base. He said for this, his ministry was in touch with various associations of manufacturers.
India also needs strengthen the wind energy sector. The ministry will be going for offshore pilot projects, he said.
Officials said 'RE-INVEST' would also focus on grid interactive renewable power, policy and technical issues.