Union power minister R K Singh on Tuesday has urged German energy companies to invest in India as the country has emerged as the most attractive destination for investment in renewable energy sector.
“Union Minister for Power and New & Renewable Energy R K Singh held a virtual round-table meeting today with major German energy companies about their expansion in India,” said a statement by the Ministry of New and Renewable Energy (MNRE).
Union secretary for power Alok Kumar, joint secretary MNRE Vandana Kumar and other senior officials from India and Germany also joined the meeting.
Singh said that India has emerged as the most attractive destination for investment in Renewable Energy (RE).
The country has focused programmes for capacity addition and accelerating the energy transition, he added.
The minister said that India already has one of the largest RE capacities in the world, and the country has the fastest rate of growth of RE capacity addition.
Singh emphasised that India will add some of the largest capacities in battery storage, green hydrogen and green ammonia for its own use and also meet the growing global demand.
According to Singh, India will become one of the largest producers of green hydrogen in the world. “We will manufacture green hydrogen at the most competitive prices”, he told the German companies, adding that the government has plans to create important opportunities in offshore wind.
“We plan to have a capacity of 30,000 MW of offshore wind in our country,” he said.
Inviting German firms to take part and compete in the manufacturing of high-efficiency solar cells and modules, Singh said India is going to set up 50,000 MW capacity and will offer “numerous emerging opportunities” for investment.
The minister said that India has a completely accessible market, facilitative policies and an enabling regulatory ecosystem.
Singh also urged Germany to source from India their requirements of green hydrogen and green ammonia on their path to energy transition.
Singh and Germany’s economic affairs and climate change minister signed a joint declaration of intent on Indo-German hydrogen task force on Monday.
Under the agreement both countries will establish an Indo-German green hydrogen task force to strengthen mutual collaboration in production, utilisation, storage and distribution of green hydrogen through building enabling frameworks for projects, regulations and standards, trade, and joint research and development projects.