US firms must capitalise on opportunities for enhancing clean energy, fiscal health in India, says Goyal

Washington D.C., Sept.21 (ANI): Union Minister of State (Independent Charge) for Power, Coal and Renewable Energy Piyush Goyal has called on American firms involved with clean energy and fical health projects to take advantage of the enormous opportunities available in India.

Addressing the concerns and challenges faced by investors in India in these two key sectors, Goyal revealed his government’s vision for getting to the ambitious target of 175 GW of clean energy by 2022.

On concerns relating to the fiscal health of distribution companies in India, Goyal mentioned that the government was looking for a long term and sustainable solution to the issue which will be implemented soon.

He was addressing a high-level gathering of US companies in the renewable energy development and financing sector, organized by the Confederation of Indian Industry (CII) in partnership with the American Council on a Renewable Energy (ACORE).

Goyal also tackled the issue of the rupee’s stability by pointing out that the Indian rupee has never depreciated more than 3.5% CAGR in 25 years. In addition he mentioned that a number of stalled projects are being cleared.

While acknowledging constraining factors, he urged the United States and it’s constituent companies to be a partner in this process and to help come up with innovative solutions so as to not miss out on the tremendous opportunity in India which is set to become the largest clean energy market in the next 10 years.

Chandrajit Banerjee, Director General, CII, praised the NDA government’s efforts in scaling up the clean energy sector and said, “Indian industry stands ready to partner and work with the government to achieve the ambitious target set by Prime Minister Narendra Modi.”

Sumant Sinha, Chairman and CEO, Renew a Power Ventures, pointed out that “USD 150 million of financing is required in the clean energy space of which $100 million will be debt and USD50 million will be equity. The US can play a big role in this space in India.”

The US companies that attended the meeting included SunEdison, Bank of America, First Solar, Credit Suisse, Apex clean energy, Sun Power, Deutsche Bank etc.

A high powered CII CEOs delegation also participated, including Dr Preetha Reddy, Apollo Hospitals; Ms Kiran Mazumdar Shah, Biocon; Mr Shiv Khemka, Sun Group; Mr Rajan Navani, Jetline Group; Mr Pranav Tanti,Suzlon; Mr Rahul Munjal, Hero Future Energies; Mr. Kishore Nair, Welspun Energy.

The meeting came just before the US-India Energy Dialogue and the US-India Strategic and Commercial Dialogue which are further expected to help boost the bilateral partnership days before Prime Minister Modi’s much anticipated second visit to the US at the end of the week.

To mark the occasion, CII and ACORE signed a Memorandum of Understanding to help solidify and bolster cooperation in the clean energy sector through facilitation of dialogues between industry experts, the development of platforms to deepen cooperation as well as platforms to exchange policy recommendations and best practices. (ANI)

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