The Ministry of New and Renewable Energy will monitor the 266 GW of renewable power capacity addition committed by companies such as Adani Power, Reliance Power, SunEdison, and ReNew Power.

“Companies making the commitments will be held responsible for completing them. But from our side, we will meet with the States on a monthly basis, I will personally review the projects on a half yearly basis,” said Piyush Goyal, Minister for Power, Coal and New and Renewable Energy, at the Valedictory Session of the global investor meet on renewable energy, RE-Invest 2015, here on Tuesday.

Goyal added that his Ministry would also assist the companies with issues related to infrastructure and grid connectivity.

Green clearances

Addressing the conference, Environment and Forests Minister Prakash Javadekar said standardised guidelines would be formulated for green energy projects.

“If you follow these guidelines, I assure you of a green channel for clearances from my Ministry,” he added.

During the three-day event, commitments have been received from developers for the setting up of 266 GW of renewable energy at an estimated investment of $200 billion, while banks have committed financing for 78 GW of capacity.

In his address, Arun Jaitley, Finance Minister, said that India has fallen behind in reforms for the power sector.

He said that the time is right to reform the electricity sector and that the the response to the coal auctions was encouraging.

“Providing cheaper power by subsidy is not sustainable. But reverse bidding for coal is a much better option.

However, to supplement coal-based power we need clean energy. Independent of what our dialogue is at the global level for climate change, we must think of the kind of environment we are leaving behind,” he added.

Jaitley also added that India can capitalise on the opportunity for manufacturing as China is increasingly turning its focus on raising consumption.

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