India’s Energy Minister, Piyush Goyal Discusses Opportunities in the Renewable Energy Sector with U.S. and Indian Industry
At an industry roundtable hosted by the U.S.-India Business Council (USIBC) in New York, Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New & Renewable Energy discussed India’s ambitious target of achieving 175 GW of renewable generation capacity and innovative ways of mainstreaming energy efficiency.Addressing senior business executives from the U.S. and Indian industry, Minister Goyal said, “I am happy to announce that Energy Efficiency Services Limited (EESL) will set up 21 offices internationally, starting with its first office in New York. The Green Bank and Energy Council in the U.S. have shown great interest. I am confident about the Rupee in the long run and the Rupee could possibly become stronger 10 years down the line.”
In addition to low cost long term financing options for India’s ambitious renewable energy plans, Minister Goyal also discussed the need to address hedging currency volatility in tariffs and the need for a stable and simplified policy and regulatory regime that includes standardized power purchase agreements. He also briefed the participants on the steps that the Government of India is undertaking to scale up transmission systems and enhance grid reliability.Lauding Minister Goyal’s efforts to improve energy access across India, USIBC President Mukesh Aghi said, “Minister Goyal’s actions over the last two years have gone a long way in addressing stakeholder concerns in the renewable energy sector and improving ease of doing business in India. USIBC members stand committed to helping India achieve its 175 GW renewable energy target.”
Optimistic and appreciative of Government’s new renewable energy initiatives, Parag Saxena, founding general partner and CEO of New Silk Route welcomed the focus on power sector investment opportunities and private sector involvement. He said, “Mitigating the risk for investors (and lowering the demanded return) could be achieved by PPPs or by lowering the cost of hedging currency risk”.”SkyPower considers India to be one of our core markets of interest and one of the most promising opportunities for accelerated investments in renewables,” said Kerry Adler, President and Chief Executive Officer, SkyPower.