The world´s most ambitious programme for developing and growing renewable energy witnessed participation from local and global stakeholders. Around 2,800 delegates from 42 countries participated in the event, which also attracted leading financial entities looking to support many new renewable energy projects.
RE-INVEST was held in New Delhi from 15th to 17th February 2015 with the primary aim of attracting large-scale, longer tenure investments in the country´s renewable energy sector. The Ministry of New and Renewable Energy organized the event with the support of the Prime Minister´s ´Make in India´ infinitive.
Finance Minister Arun Jaitley said that RE-INVEST 2015 could be called the take-off point which will have a multiplier effect on the overall economic front. The FM said that this effort would lead to enormous job generation, investments resulting in profitability, competitiveness between various sectors, filling up the gaps in power supply and enhancement of manufacturing sector. All these objectives and yet not hurting the environment. The Finance Minister pointed out that this conference is a starting point of a great initiative whose effect will be clearly visible in the coming years.
Saying that India has now graduated from megawatts to gigawatts in terms of renewable energy production, Prime Minister Narendra Modi said that even today, there are lakhs of families in the country that are deprived of energy connectivity. He said the fruits of development will not reach the common man until energy connectivity reaches every household of the country. The PM reaffirmed that India has no option but to make a quantum leap in energy production and connectivity. Saying that India has focused on thermal, gas, hydro and nuclear power so far, the PM said that solar energy, wind energy and biomass energy should also be added to the mix.
India is also working towards evolving a consortium of about 50 countries that have abundant solar radiation. This move will aim to pool research and technological advancements in the field of solar energy, to improve its accessibility to the poorest of the poor, and in the remotest of locations.
Modi also touched upon the possibility of hybrid energy parks harnessing solar and wind energy together in an area to maximize benefit. He encouraged the installation of solar panels over water bodies to harness solar energy as well as minimize surface evaporation. The PM further spoke about the need for harnessing rooftop solar power. In the rural areas, he stressed on the need for solar pumps to reduce input costs for farmers. He called for sustained technological research in renewable energy and a thrust on domestic equipment manufacturing for renewable energy as part of the ´Make in India´ initiative.
In his welcome address, Minister of State for Power, Coal and New and Renewable Energy Piyush Goyal pointed out that India now has a historical opportunity to leverage the new paradigm in the global energy sector and define its own path of development and a national power system to achieve its energy security goal. He said the first renewable energy global conference would usher in a Cleaner, Brighter and Energy secure India.
RE-INVEST was organized to showcase the renewable energy potential of India to the world and attracting investments. The government is looking at assuring investors on the safety and attractiveness of investing in this space, and is looking at making India the manufacturing hub for renewables and for research and innovation, in tandem with the ´Make in India´ campaign.
The objectives of the ´Make in India´ campaign dovetail nicely with the goals of RE-INVEST. The initiative will create jobs in India, and will make manufacturing competitive in India.
The Minister pointed out that RE-INVEST is a multi stakeholder platform. The Centre is looking at engaging with bankers for innovative financing models. The government is also engaging with developers and manufacturers to understand their problems and to see how India can make sure that bankable & innovative financial power purchase agreements can be created.
The Prime Minister gave away awards to 12 States for their outstanding contribution in the field of renewable energy. Besides, 27 companies including NTPC and SBI handed over to the Prime Minister their Green Energy Commitment Certificates. Over 2000 delegates including exhibitors from over 40 countries attended this event. It included several sessions headed by senior representatives from the renewable energy industry, equipment manufacturers, global financial institutions, Public Sector Enterprises, regulatory authorities, Central and State governments, research institutions and academia, Secretaries from the government of India and Heads of international agencies like International Energy Agency, International New & Renewable Energy Agency and also MNCs.