The new Indian government is proposing a $100 billion investment in the domestic renewable energy sector. It’s well known that the Indian electricity sector is in need of some serious development, and the government is looking to focus on renewable energy.
India’s minister for coal, power, and renewable energy has announced that the government has raised the solar power capacity target to an ambitious 100 gigawatts by 2019, instead of the previous 22 gigawatts by 2022. That’s a huge rise, and it remains to be seen whether it will be achieved, but will certainly set the pace internationally if it goes to plan.
In addition, it was announced that the wind power capacity target will be doubled to 40 gigwatts by 2019. The government is planning to open up new offshore wind energy areas to wind power developers. It’s also aiming to attract billions in foreign investment for the Indian renewable energy sector, and for the energy industry in general.