The government is looking to more than double the share of renewable sources to over 15 percent in the country’s overall energy basket from the present 6 percent share, in about a decade. Power, Coal and Renewable Energy Minister Piyush Goyal said that “we are organising Re-Invest with a triple aim in mind. Showcasing India's renewable energy potential to the world and attracting investments which may go up to 200 billion dollars looking at the enthusiastic support we have received from great parts of India and all over the world,'
As many as 293 companies have committed to generate 266 GW of renewable energy in the next five years under the government's ambitious RE-Invest programme unveiled by Prime minister Narendra Modi, while banking major SBI said it will finance 15000 MW renewable energy in five years. The PM has called for developing domestic manufacturing of renewable energy equipment to create jobs. Conserving energy, he said, is the need of the hour. “The more energy we save, the more we can save the next generations. Energy can be saviour of generations.” He suggested setting up of hybrid energy parks in areas with abundant sun radiation as well as wind potential to save on transmission and power evacuation infrastructure cost.
Piyush Goyal further said that Prime Minister Narendra Modi has visualised that “we should have a five-fold increase in the country's mission for renewable energy...That will take India into the sphere of being one of the largest renewable energy countries in the world.”
At the first Renewable Energy Global Investors Meet (RE-Invest), Suzlon and Welspun committed to set up 11,000 MW each, while NTPC and Hindustan Power Projects pledged to generate 10,000 MW of power each from green sources. Renew Power outlined plans for 11,500 MW and Sun Edison for 15,000 MW. Gamesa committed to setting up 7,500 MW of renewable plants. Anil Ambani-led Reliance Power committed 6000 MW.