MNRE Initiates Actions To Attract Investments By Firms Shifting From China  

The Ministry of New and Renewable Energy (MNRE) has initiated action in a big way towards setting up new hubs for manufacturing renewable energy equipment in the country to meet both domestic and global demand.

The ministry has written to various state governments and port authorities to identify land parcels of 50-500 acres for setting up such parks. The Tuticorin Port Trust and the states of Madhya Pradesh and Odisha have already expressed their keen interest in setting up RE Manufacturing Parks.

Secretary, MNRE, Anand Kumar held meetings with RE manufacturing companies last week. The Ministry has also got in touch with Trade Commissioners/ Representatives of various countries inviting them to invest in this promising opportunity in India.

Kumar addressed the US India Strategic Partnership Forum earlier this week through Webinar and sought collaboration and investment by US firms. These facilities will manufacture equipment like silicon ingots & wafers, solar cells & modules, wind equipment and ancilliary items like back sheet, glass, steel frames, inverters, batteries etc. The hubs will also export equipment and services in the RE sector.

At present there is around 10 GW of wind equipment manufacturing capacity.

In case of solar cells and modules India imports about 85 % of its requirements.

The Government has levied a basic customs duty for protecting the solar manufacturing industry in India.

At a time when many companies are shifting their manufacturing base from China, it is time for India to bring policy changes for facilitating manufacturing in India. In tune with this, MNRE has already set up a RE Industry Facilitation & Promotion Board to facilitate investment in the sector., a government statement said.

The Ministry has strengthened the clauses in Power Purchase Agreements( PPAs ) to boost investor confidence.

The three Power and RE Sector NBFCs namely PFC, REC and IREDA have reduced their repayment charges to 2% for enhancing the funds available for new projects in the sector. Moreover, IREDA has brought out a new scheme for project specific funding to promote new RE projects in India.

This news has been published via Syndicate feed. Only the headline has been changed.