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Back You are here: Home Business Asia India’s renewable energy on the rise, seeking more investments from U.S.

Asia

India’s renewable energy on the rise, seeking more investments from U.S.

India has reached approximately 28 gigawatts of cumulative deployed renewable energy systems and is now looking to the United States for more investments in the power sector.

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For the period of 2013-2014, India has set a goal of installing an additional 4,325 megawatts of renewable power. Currently they only have around 303.10 MW of newly deployed capacity for the 2013-2014 period. Of this, 264.10 MW comes from wind, 39 MW from hydropower, and 73 MW from solar photovoltaic.

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With 2013 already half over, India needs a push to reach its renewable energy goal and this push could come in the form of investments from the United States.

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In a statement made by the Minister of Power Shri Jyotiraditya M Scinidia on his visit to Washington back in July 2, he noted that that there is a great potential for U.S. investments and cooperation in the Indian power sector, pointing out that the India’s power sector is currently facing challenges when it comes to generation, transmission, distribution, and access to electricity.

In his speech, the minister emphasized that their country could benefit from U.S. investments relating to transmission technologies, development of large scale hydro power, supercritical technology development for efficient energy production, smart grids, and energy efficiency improvement programs.

Currently, wind power has the largest share of cumulative renewable energy systems deployed in the country, accounting for 19,317.05 MW, according to India’s Ministry of New and Renewable Energy’s tally as of the end of May 2013. Wind is followed by small hydropower with 3,671.25 MW, bagasse cogeneration – which uses biomass from sugarcane – with 2,337.43 MW, solar photovoltaic with 1,759.44 MW, and biomass power with 1,264.80 MW. - Ecoseed Staff



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