Page 46 - CV June-July 2023 Issue

INDIA CAN ATTRACT
OVER USD 20 BILLION

INVESTMENT IN

RENEWABLES IN 2023

INDUSTRY ESTIMATES

ndia has the potential to attract an investment of over USD 20 sustainable and self-reliant India, Rutter suggested. Chairman, Blue
billion in renewables in 2023 and requires a strong framework Circle and MTaI, Pavan Choudary stated that there is increasing
Ifor sustainable power, say industry experts at the renewable awareness and sensitivity towards sustainability. Many sectors
energy conference REConIndia 2023 on Friday. Based on the have started initiating positive changes. For example, the medical
discussion at REConIndia 2023, a white paper will be prepared on equipment sector is taking a lead by planning longer working lives
solar power challenges, roadmap to make green hydrogen viable, for the chassis of their products and medical disposable
propelling wind energy and state of green financing in India, a manufacturers are exploring the use of bio-degradable materials to
statement said. reduce the environmental impact of their products, he added. CEO,
NTPC Renewables, Mohit Bhargava stated as India races towards
The conference was organised by Blue Circle on Friday, where its target of achieving 280 GW of solar energy by 2030, it is
experts, stakehoders and industry leaders deliberated on the key imperative to increase the production of solar power.
issues, challenges and opportunities in renewable energy in India.
Founder and CEO of Blue Circle Siddharth Anand said, "The Given the significant dependence on China for solar modules, India
industry estimates investment in excess of USD 20 billion in 2023". needs to step up its efforts to establish a robust domestic solar
Power and New & Renewable Energy Minister R K Singh in module manufacturing ecosystem, he suggested.
December 2022 also pegged the investment in renewables at While the government's PLI (production-linked incentive) scheme
around USD 25 billion in 2023. Anand also stated that the holds promise, it may take time to yield results. Therefore, a holistic
REConIndia 2023 brought together key decision-makers, thought approach towards increasing domestic production capacities and
leaders, and experts from across the industry, creating a platform incentivising domestic manufacturing is critical to meet India's
for collaborative thinking and problem-solving. Alexander Hogeveen renewable energy goals, he also suggested. Pankaj Sindwani,
Rutter, Private Sector Specialist, International Solar Alliance, said Chief Business Officer, Tata Cleantech Capital, stressed on
that with a significant portion of wasteland at its disposal, India has increasing efforts to attract global investment and compete more
the potential to unlock enormous opportunities by utilising it for aggressively. R P V Prasad, CEO-India, Envision Energy, said, as a
setting up solar projects. renewable energy source, wind energy is expected to play a
significant role in India's energy mix in the coming years. It is
The development of floating solar fields is another area of projected that wind energy will contribute around 25 per cent of the
exploration, which presents a unique advantage that the land total renewable energy production in India by 2030, he added.
beneath the panels can be used for farming by farmers who may RECon India 2023 witnessed participation of more than 250 subject
have given up their land, Rutter added. A strong framework for the matter experts, policymakers, innovators, investors and startup
development of solar projects on wasteland can help build a ounders.

CONSTRUCTION VISION 44 JUNE-JULY 2023