Signaling the intent of the government, Power Minister Piyush Goyal on Monday (12 June) said the ministry is doing its job to revive stalled and stressed thermal and hydro power projects. “We are close to resolution of stressed thermal power projects soon where developers are not wilful defaulters,” Goyal told reporters here while speaking about three years of the government’s performance. The power ministry, which is also working on reviving stalled hydro projects, already had extensive discussions with bankers and stakeholders.
According to sources, the ministry has firmed up a policy for stalled hydro projects to revive 11,639 megawatts by dispensing Rs 16,709 crore till 2024-25. Additionally, the government has decided to provide interest subvention of about 4 per cent to developers to turn around hydro projects. The power ministry and the Niti Aayog, Goyal said, are jointly working on a policy for next 25 years to ensure energy security. He expects renewable energy capacity to surpass thermal power by 2022. India intends to create 175 gigawatts of renewable energy capacity by 2022.