India plans US$1 billion private equity fund for renewable energy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
India's energy minister Piyush Goyal took to twitter to announce the fund ahead of COP21. Credit: MNRE

India’s central government aims to introduce a US$1 billion private equity fund dedicated to the renewable energy sector, according to India’s energy minister Piyush Goyal.

Goyal took to Twitter last week to announce the private equity fund, which he said would be “initially seeded by government companies”.

He also said the government plans to collect US$4 billion each year over three or four years for a clean energy fund.

In other comments, he said the country is confident of meeting its 175GW of renewable capacity by 2022 targets due to falling prices and technological innovations.

Goyal also said: “India is one of the lowest consumers of coal per capita in the world. In 2015, India consumes what the US was consuming in 1920.”

This comment came after the International Energy Alliance’s report last week, which found that India as a nation is set to contribute more than any other country to the rise in global energy demand over the next 25 years to meet rising incomes and population, however, its energy demand per capita will still be 40% lower than the global average. This energy demand up to 2040 woudl also require US$2.8 trillion investment.

Goyal also has a mission to bring power to the whole country by March 2019.

The minster reiterated the US$1 billion funding from Germany, under the Indo-German alliance, to help develop India’s Green Energy Corridors, which will transport electricity for states rich in renewable resources, such as Rajasthan, to major areas of energy consumption such as Delhi and Maharashtra.

Read Next

September 28, 2021
Indian solar manufacturer Premier Energies has secured an INR 2 billion (US$27 million) investment from private equity firm GEF Capital Partners to support its planned increases in cell and module production.
September 27, 2021
A new support scheme from India’s government to boost the domestic manufacture of PV modules has seen 18 bidders submit 54.8GW of applications, according to consultancy JMK Research & Analytics.
September 20, 2021
A subsidiary of Indian utility Tata Power has received a letter of intent to set up a 250MW grid-connected solar project in the state of Maharashtra.
September 13, 2021
The Indian state of Tamil Nadu is planning to develop 4GW of additional solar projects as well as new battery energy storage systems, according to local media.
September 10, 2021
Independent power producer ReNew Power has commissioned a 250MW portion of a 300MW solar plant in the Indian state of Rajasthan.
September 6, 2021
India-based renewables developer Adani Green Energy has raised US$750 million through a green bond offer, securing the debt and equity needed to reach a 25GW renewables target.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021