Investments worth ₹5 lakh cr needed to meet renewable target

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India needs to make an investment of ₹4.74 lakh crores to achieve the renewable energy capacity addition target of 86 GW by 2022, Shri RK Singh, Minister of State (Independent Charge) for Power and New and Renewable Energy informed the Parliament.

Responding to questions in the Lok Sabha, Shri Singh said that a cumulative renewable energy capacity of 88,793.39 MW has been installed up to August 31. He said that this is part of the 175 GW installed renewable energy generation capacity target set by the Centre in 2017. This includes 100 GW from solar, 60 GW from wind, 10 GW from biomass and 5 GW from small hydro.

The minister further revealed that as per the National Infrastructure Pipeline (NIP) Report prepared by the Department of Economic Affairs, Ministry of Finance, the projected capital expenditure in the power sector namely for generation, transmission and distribution segments, is ₹ 14,10,428 crore. He said that in addition to this, it is estimated that ₹4,74,136.35 crore is the investment required to meet the remaining 86,206.61 MW renewable energy addition goals.

Shri Singh concluded by saying that overall there is no deficit of power generation capacity in the country.