Union Minister of State for Power, Piyush Goyal at an event organized by the Confederation of Indian Industry (CII) in partnership with the American Council on a Renewable Energy (ACORE) has said that the US clean energy and financing companies must capitalise on the enormous opportunity in India’s clean energy market and has asked to come up with innovative ideas to address massive energy needs of the country. Addressing the concern and challenges faced by investors in India, Goyal laid out the government's vision for achieving the ambitious target of 175 GW of clean energy by 2022.
He said that India offers tremendous investment opportunities to American energy firms and has asked to help come up with innovative solutions so as not to miss out on the tremendous opportunity in India which is set to become the largest clean energy market in the next 10 years.
Goyal said that government was looking for a long term and sustainable solution to the problem which will be implemented soon and told investors at the event that a number of stalled projects are also being cleared. CII and ACORE have signed a Memorandum of Understanding (MoU) in order to bolster their partnership in the clean energy sector through facilitation of dialogues between industry experts, the development of platforms to deepen cooperation as well as platforms to exchange policy recommendations and best practices.
Sumant Sinha, chairman and CEO, Renew a Power Ventures said that $150 million of financing is required in the clean energy space of which $100 million will be debt and $50 million will be equity where US can play a big role in this space in India.