Union power minister R K Singh highlighted that India has emerged as the most attractive destination for investment in the renewable energy (RE) sector.
New Delhi: Union Minister for Power and New and Renewable Energy R K Singh held a virtual round table meeting on Tuesday with major German energy companies about their expansion in India. He also invited all major German companies to come and invest in India. Union Secretary for Power Alok Kumar, Joint Secretary MNRE Dr Vandana Kumar and other senior officials from India and Germany also joined the meeting.
Singh highlighted that India has emerged as the most attractive destination for investment in the renewable energy (RE) sector. “India has focused programmes for capacity addition and accelerating the energy transition,” Singh said.
The minister also informed that India has already one of the largest RE capacities in the world and the country also has the fastest rate of growth of RE Capacity addition.
Singh emphasised that India will also add some of the largest capacities in battery storage, green hydrogen and green ammonia for its own use and also meet the growing global demand.
He further said, “India will be one of the largest producers of green hydrogen in the world. We will manufacture green hydrogen at the most competitive prices.”
The minister informed the German companies that India’s plans will create significant opportunities in offshore wind. “We plan to have a capacity of 30,000 MW of offshore wind in our country. German companies are welcome to participate and compete in manufacturing of high efficiency solar cells and modules of which India is going to set up 50,000 MW capacity.”
He further said India, under Prime Minister Narendra Modi, welcomes innovation. According to a statement issued by the Ministry of New and Renewable Energy, “He (Singh) underlined the numerous emerging opportunities and invited the companies to invest in India. He added that India has a completely accessible market, facilitative policies and an enabling regulatory ecosystem.
Singh said Germany will need to import large quantities of green hydrogen and green ammonia on their path to energy transition and invited them to source their requirements from India.
Singh and German Minister for Economic Affairs and Climate Change also signed a Joint Declaration of Intent on Indo-German Hydrogen Task Force on Monday. Under the agreement, both the countries will establish an Indo-German Green Hydrogen Task Force to strengthen mutual cooperation in production, utilisation, storage and distribution of Green Hydrogen through building enabling frameworks for projects, regulations and standards, trade and joint research and development (R&D) projects.