India’s existing renewable energy generation comes to 20GW, about 11% of the country’s total capacity and the country needs
to double the score as part of its 100GW expansion of overall capacity, according to the Ministry of New and Renewable Energy, Mr. Deepak Gupta.
The country needs investments of 1,5tn rupees ($33.6 billion) to pay the expansion of its Five Year Economic Plan and Gupta was quoted by Reuters in a Conference in New Delhi.
Being the Secretary of India’s Ministry of New and Renewable Energy, Gupta expects the new investment to come from private investors. The politicians are enthusiastic about renewable energy and their nation set up ambitious targets till 2020. The situation on the ground seems to be different.
The Asian Development Bank has just offered a $150m guarantee package designed to underpin private solar power projects, amid growing concerns that India’s Photovoltaic sector faces missing short- and long-term targets as investors fail to commit sufficient backing.
