Himachal Pradesh, a hill state, has vast potential for generating renewable energy. The state government is looking for investors to tap into this vast potential so that it could be a win-win situation for both the state as well as the investors.

In a bid to woo investors, Himachal Pradesh Chief Minister, Jai Ram Thakur, has said that the state will offer investors land at a rate of Re one per square metre to set up renewable energy projects, Economic Times has reported.

Thakur was speaking at “Second Global Re-invest India-ISA Partnership” event in New Delhi. He said that Himachal allows for deferred royalty payments and that the state electricity board would directly buy power from the renewable energy projects.

Earlier, speaking at the inauguration of first assemble of International Solar Alliance (ISA) Prime Minister Modi also emphasized on the need for investment in the renewable energy sector and said that he saw an investment potential of $70-80 billion in the sector. Modi also said that for 150-200 years, humans have depended on resources trapped under the earth, but for a secure future, resources above the earth like wind and solar energy needed to be tapped.

Speaking at the event, Minister of Additional Energy Resources of Uttar Pradesh, Brajesh Pathak, said: "Our government has provided for single-window clearance for rooftop solar projects. We have also provided a 100 per cent stamp duty exemption on land bought for setting up solar plants in the state."