Modi inaugurates RE-Invest 2020

Prime Minister Narendra Modi inaugurated the 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) on Thursday through video conferencing. The summit is organised by the Ministry of New and Renewable Energy (MNRE). The theme for RE-Invest 2020 is “Innovations for Sustainable Energy Transition”.

The Prime Minister said the government has decided to give similar incentives to high efficiency solar modules. He stressed that ensuring “Ease of doing business” is our utmost priority and dedicated Project Development Cells have been established to facilitate investors. He announced that there are huge renewable energy deployment plans for the next decade and are likely to generate business prospects of the order of around $ 20 billion per year. He invited investors, developers and businesses to join India’s renewable energy journey.

Modi expressed happiness that in the renewable energy sector, within a short time the progress from megawatts to gigawatts in generation capacity and “One Sun, One World, One Grid” are becoming a reality to ensure every citizen of India has access to electricity to unlock his full potential.

India’s renewable power capacity is the fourth largest in the world and is growing at the fastest speed among all major countries. The renewable energy capacity in India is currently 136 Giga Watts, which is about 36% of the total capacity, Modi pointed out. He said India’s annual renewable energy capacity addition has been exceeding that of coal based thermal power since 2017. He highlighted that over the last six years, India has increased installed renewable energy capacity by two and half times.