October 5, 2018
The RE-Invest included a three-day conference on renewables, cleantech and future energy choices, and an expo of renewables-related manufacturers, developers, investors and innovators
The RE-Invest allows Governments as well as business houses to showcase business strategies and achievements, while fcailitating collaborations in one of the key renewable markets
The Indian Government is in the process of setting up renewable energy capacity of 175 GW by 2022, comprising 100 GW of solar, 60 GW wind, 10 GW biomass and 5 GW small hydro
Globally, India stands 5th in renewable power, 4th in wind power and 5th in solar power installed capacity. Renewable holds the key to supporting India’s fast-growing energy consumption rate
On October 2 Prime Minister Narendra Modi inaugurated the 2nd Global RE-Invest (Renewable Energy Investors’ Meet and Expo). The event was aimed at accelerating the global effort to scale up renewable energy and connect the global investment community with Indian energy sector stakeholders. The RE-Invest included a three-day conference on renewables, cleantech and future energy choices, and an expo of renewables-related manufacturers, developers, investors and innovators. The event was attended by over 600 global industry leaders, and 10,000 delegates. India has emerged as a global leader in new renewable capacity with focus expanding from solar and wind energy to biofuels and bioenergy.
The 2nd RE-Invest provided an opportunity to Governments as well as business houses to showcase their business strategies, achievements and expectations. The platform has facilitated collaboration and cooperation with key stakeholders in India, which has today emerged as one of the world’s largest renewable energy markets. The Indian Government is in the process of setting up renewable energy capacity of 175 GW by 2022, comprising 100 GW of solar, 60 GW wind, 10 GW biomass and 5 GW small hydro. So far, 71.3 GW of renewable energy capacity has been installed in the country up to June 2018. To achieve the balance target of 103.7 GW, investment of around US$76 billion has been estimated.
The event also saw discussions between the World Bank, International Energy Agency, Germany’s KfW, Citigroup, as well as leading Indian companies such as Power Finance Corporation (PFC), Rural Electrification Corporation (REC), Yes Bank and Indian Renewable Energy Development Agency (IREDA). Driven by vast market opportunities, India’s solar industry has witnessed strong investment interests.
Globally, India stands 5th in renewable power, 4th in wind power and 5th in solar power installed capacity. Renewable power holds the key to supporting India’s fast-growing energy consumption rate. The nation possesses estimated renewable energy potential of about 1,096 GW. To tap this potential, renewable energy development and deployment has received proactive policy support, including 100 per cent foreign investment. The 2nd RE-Invest event was inaugurated along with the first assembly of the International Solar Alliance (ISA) The ISA aims to mobilise investment of more than US$1 trillion from public and private enterprises to instal over 1,000 GW of solar generation capacity worldwide by 2030.