India Would Achieve 175 GW Targets of Installed Renewable Energy Capacity Well Before 2022, Says Secretary, MNRE

India would achieve its target of 175 GW of installed renewable energy capacity well before 2022 for which bidding process would be completed on time and International Solar Alliance (ISA) shall help mobilize sufficient funds for solar energy projects, said the Secretary, Ministry of New and Renewable Energy, Mr. Anand Kumar.

Speaking at a “Action to Transaction Meet” under aegis of PHD Chamber of Commerce and Industry here today, Mr. Kumar said that over the years the renewable energy has become cheaper and is set to replace conventional energy, which is a healthy development, and added that India has one of the fastest growing renewable energy programmes in the World and the country would achieve its target of 175 GW of installed renewable energy capacity well before 2022 adding that ISA shall help mobilize sufficient funds for solar energy projects.

“Prime Minister wants India to be an innovation hub for which we have to start thinking and supporting about the new ideas for renewable sources particularly in solar energy with the objective of providing renewable energy to the common man as an affordable pricing”, he added.

He said that ISA is an excellent idea which helps million of people to provide universal energy excess. Most important thing is Indian idea and Indian initiative and now as a government wants to move it global competitive.

ISA is conceived as a coalition of solar resource rich countries to address their special energy needs and to provide a platform to collaborate on addressing the identified gaps through a common, agreed approach. It has the backing of around 121 countries rich in solar energy, the Secretary said.

In his welcome remarks, President, PHD Chamber, Mr. Anil Khaitan said that the role of new and renewable energy has been assuming increasing significance in recent times with the growing concern for the country’s energy security. Energy self-sufficiency was identified as the major driver for new and renewable energy in the country.

Among others who were also present on the occasion comprised Chairman and Managing Director, IREDA, Mr. K S Popli; Interim Director General, ISA, Mr. Upendra Tripathy; Chief General Manager, State Bank of India, Mumbai, Mr. Deepak Kumar; Assistant General Manager, Lines of Credit Group, Exim Bank of India, O’Neil Rane; Senior President, Yes Bank, Mr. Pawan Agrawal and Principal Director, PHD Chamber, Dr. Ranjeet Mehta.