Govt woos US investors to explore opportunities in power, renewable energy sector

New Delhi, Aug 14 (PTI): Union minister R K Singh interacted with investors from the US and invited them to explore investment opportunities in the renewable energy and power sector in India.

The power and new & renewable energy minister also highlighted India’s achievement in the sector during his virtual meeting with the business community.

“The meeting provided an opportunity to the business community to interact with Union Minister on various aspects the renewable energy and power sector in India and the associated opportunities available to the global investors,” a power ministry statement said.

Singh’s meeting with the members of the US India Business Council (USIBC) had a theme “Advancing cleaner, more sustainable and affordable energy to mitigate climate change and power India’s economic growth”.

More than 50 industry leaders cutting across various sectors of the economy including information technology, infrastructure developers, renewable energy producers, banking, aviation participated in the event, the statement said.

During the meeting, Singh apprised the business leaders that India is on track to achieve the set renewable energy target of 450 GW by 2030 and said that electricity distribution reforms and the promotion of open access to the electricity grid will enhance the consumption of renewable energy.

He highlighted India’s achievements in the field of renewable energy, energy access, energy efficiency, reduction in emission intensity and shared Government of India’s plans to promote manufacturing and exports from India, including PLI scheme for manufacturing of solar cells, modules and batteries, and promotion of Green Hydrogen.

He welcomed ideas and suggestions for promoting the sector to meet the ambitious target of 450 GW.

The minister reiterated his commitment to further US and India’s shared goals on climate change, clean energy and sustainability and the India-US Clean Energy Agenda 2030 Partnership.

The business leaders congratulated the Union minister on the recent achievement of 100 GW of installed renewable energy capacity.