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MNRE opens Investors' Facilitation Centre

Published: Feb 12, 2020

By TIOLCORPLAWS News Service

NEW DELHI, FEB 12, 2020: THE Union Ministry of New and Renewable Energy (MNRE) yesterday opened a Industry and Investors' Facilitation Centre in the Ministry. This will work as a focal point to provide correct and timely information on Policies and programmes of the Government and also resolve the issues of the renewable energy (RE) investors and industry in the country.

Underlining the importance of this Centre Mr RK Singh, Minister of State for Power and New & Renewable Energy and Minister of State for Skill Development & Entrepreneurship said, "We are committed to increase our share RE to 40 percent of our total power generation capacity by 2030 to mark India's significant contribution towards mitigating climate change challenges. This centre will play an important role to achieve this goal. The Facilitation Centre will work as a fast track mechanism in resolving the investors' issues and taking the Ease of Doing Business (EODB) to a notch higher."

Referring to the efforts to enhance RE capacity, the Minister said that 86 GW Capacity has already been installed, 34 GW is under implementation while 30 GW is at various stages of tendering. The Ministry is setting up Ultra Mega RE Power Projects for providing land and transmission on plug and play basis.

He also said that his Ministry is constantly working on greater Ease of Doing Business (EODB). The Ministry has strengthened Power Purchase Agreements (PPAs) and Letter of Credit measures for payment security mechanism.

The Centre headed by Joint Secretary (Mr Amitesh Kumar Sinha), MNRE, will catalyse and boost investor confidence and ensure timely completion of the projects in the sector. Soon, a dedicated portal will be developed for the purpose.

It may be added that India's renewable energy journey has been largely supported by private investment. Till date it has attracted about $100 billion investment and $14 billion is in the process. India further, requires about $65 billion more investment in RE sector.

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