India aims 166 Gw of solar investment in RE-Invest 2015 summit

About RE-Invest 2015

RE-Invest
2015 is the first Renewable Energy Global Investors Meet & Expo to be organized
by the Ministry of New and Renewable Energy (MNRE). Its objective is to
showcase the Government of India’s commitment to the development and scaling up
of renewable energy in India to meet the national energy requirement in a
socially, economically and ecologically sustainable manner. RE-Invest will be
the first major platform for investment promotion in this sector, and will
connect the global investment community with renewable energy stakeholders in
India. RE-Invest will be inaugurated by the Prime Minister of India, Mr.
Narendra Modi, and is expected be attended by over 200 investors, 350
exhibitors and 1000 delegates, both domestic and international. RE-Invest will
be held from 15 – 17 February 2015 in New Delhi, India.


In
the build-up to the government-sponsored renewable energy investment summit,
RE-Invest 2015, the participating companies have provided non-binding
investment indication of 166 gigawatt (Gw) solar power generation capacity and
five Gw per year of solar manufacturing capacity. In its latest report, Bridge
to India — a leading consultancy firm monitoring investment in Indian renewable
energy space — has compiled the noted investments which are likely to come in
from active private solar developers. The major ones are that have indicated
significant plans include Essel Infra Projects (12 Gw), Azure Power (11 Gw),
SunEdison (10 Gw), Welspun (8.7 Gw), Renew Power (seven Gw) and First Solar
(five Gw). Ambitious plans have also been submitted by large Indian
conventional power companies such as Adani Power (six Gw) and Reliance Power
(six Gw).

Among
global companies, Canada-based project developer Sky Power Global has committed
to 9.9 Gw and a lesser known company, CPEC, which had earlier commissioned a
project under the Gujarat Solar Policy, has also indicated its plans for
developing nine Gw of capacity. Amongst public sector companies, significant
interest has come from NTPC (3.3 Gw), NEEPCO (2.5 Gw), Coal India (one Gw) and
Satluj Jal Vidyut Nigam (one Gw). In total, 140 developers have made project
development commitments. On the manufacturing side, three existing Indian
players have indicated their ambitious plans: Vikram Solar (2.3 Gw/year),
Waaree Energies (two Gw/year) and Emmvee Photovoltaic (750 Mw/year). On the
finance front, L&T Finance indicated it wants to finance 6.5 Gw and Yes
Bank five Gw of renewable.
According
to Bridge to India, for a large number of commitments on the list, not much
thought has gone into arriving at the stated numbers. “The exercise serves
mainly as a measure of the companies’ ambitions, rather than of specific,
actionable strategies. On the other hand, there will be many more investors,
developers, financiers and manufacturers in the Indian solar market than those
who have here stated their intentions,” said the report. 

The report noted that
overall, the mood in the Indian solar market is upbeat and even if a fraction
of these intentions stand the test of time, it is good news for the sector.
However, what is needed much more than intentions to build solar power are
intentions to buy solar power at viable tariffs and with solid power purchase
agreements.

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