RE developers provided land and transmission network, says Minister
India’s renewable energy sector has received FDI equity investment of US$6.14 billion during the last three financial years (April 2020-September 2023), Minister for New & Renewable Energy and Power R. K. Singh said in a written reply to Rajya Sabha on 19 Dec 2023.
He has also informed the house about the steps taken to attract Foreign Direct Investment (FDI) into the renewable energy sector, pointing out that FDI in the sector is permitted up to 100% under the automatic route.
Steps taken are:
Setting up of Project Development Cell for attracting and facilitating investments;
Declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2029-30;
Setting up of Ultra Mega Renewable Energy Parks to provide land and transmission to RE developers for installation of RE projects at large scale;
Laying of new transmission lines and creating new sub-station capacity under the Green Energy Corridor Scheme for evacuation of renewable power;
Launch of schemes such as Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), Solar Rooftop Phase-II, 1200 MW CPSU Scheme Phase II among others;
Launch of National Green Hydrogen Mission with an aim to make India a global hub for production, utilization and export of Green Hydrogen and its derivatives;
Notification of Promoting Renewable Energy through Green Energy Open Access Rules 2022;
Launch of Green Term Ahead Market (GTAM) to facilitate sale of Renewable Energy Power through exchanges;
Release of Standard Bidding Guidelines for tariff based competitive bidding process for procurement of Power from Grid Connected Solar PV and Wind Projects;
Waiver of Inter State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by 30 June 2025;
Notification of standards for deployment of solar photovoltaic system/devices;
Issue of orders that power shall be dispatched against Letter of Credit (LC) or advance payment to ensure timely payment by distribution licensees to RE generators. Fiinews.com
