R K Singh, Union power minister, urged German energy companies to invest in India because the country has been ranked the most attractive for renewable energy investment.
According to a statement from the Ministry of New and Renewable Energy, “Union Minister of Power and New & Renewable Energy R K Singh hosted a virtual round-table discussion today with major German energy firms about their expansion in India.”
Alok Kumar, Union secretary for power and joint secretary MNRE, Vandana Kumar were also present at the meeting. Other senior officials from India as well as Germany attended.
Singh stated that India is the most attractive country to invest in Renewable Energy (RE)
He said that the country has a focus on programmes to increase capacity and accelerate the energy transition.
Minister said that India has one of the most powerful RE capacities in the world and has the highest rate of growth for RE capacity addition.
Singh stressed that India will have the largest capacity in battery storage, green ammonia and green hydrogen for its own use as well as to meet growing global demand.
Singh claims that India will be the largest producer of green hydrogen in the entire world. He stated to the German companies that India will produce green hydrogen at the best prices. He also said that the government plans to open up significant offshore wind opportunities.
He stated that “We intend to have a capacity for 30,000 MW offshore wind in our nation.”
Singh invited German companies to participate in India’s manufacturing of high-efficiency modules and solar cells. He also said that India will have a capacity of 50,000 MW and would offer investors “numerous emerging opportunities”.
Minister said India has an accessible market, facilitative policies, and an enabling regulatory environment.
Singh also encouraged Germany to source green hydrogen and ammonia from India as part of their energy transition.
On Monday, Singh and Germany’s climate change and economic affairs ministers signed a joint declaration on Indo-German hydrogen task forces.
The agreement will see the establishment of an Indo-German green hydrogen task force. This task force will strengthen bilateral cooperation in the production, utilisation and storage of green hydrogen. It will also help to create enabling frameworks that can be used for trade, standards and regulations, as well as joint research and development projects.