R.K. Singh, Power and renewable energy minister said despite India’s energy needs likely to double over the next 6-7 years going by the current rate of economic growth, the nation will meet two-fifths of its electricity needs with renewable sources by 2030.
Singh is very positive of the scope that renewable energy presents and also that the prices of the equipment would further go down as production of solar modules and cells expand in line with the increased use of solar energy.
“This is a matter of worry for those who produce coal or oil. But, the growing use of renewable energy cannot be stopped as it makes economic sense,” said the minister.
The solar panels efficiency has already reached 30% and prices will also reduce due to increase in usage, he said.
Anand Kumar the renewable energy secretary stated that out of the commitment of about Rs4 trillion funding made by financial institutions during a similar investor meet in 2015, around Rs1.37 trillion has been disbursed.
Kumar later said on the sidelines of the conference that state-owned Indian Renewable Energy Development Agency Ltd (IREDA) will raise $300 million through masala bonds this financial year to fund projects.
He also added that India will require an investment of about $100 billion to meet the target of having 175 gigawatts (GW) of renewable energy capacity by 2022.