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The Ministry of New and Renewable Energy has set a target of reaching 100,000 MW generation capacity for the sector in the next five years, said Upendra Tripathy, Secretary, MNRE, here today.
"This target would include both off grid and on grid generation for both wind and solar energy," said Tripathy adding that to meet the target an investment of $35 billion would be required annually. Currently, India gets $6 billion investment in the renewable energy sector every year.
To attract investments, the Ministry will host a global investor meet in February 2015 in partnership with industry bodies Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry.
Tripathy added that his Ministry is also urging banks to demarcate 10 per cent of their credit for the renewable energy sector. The Ministry is also planning a pilot project for offshore wind energy projects, said Tripathy.
To overcome issues of land acquisition and delays in obtaining clearances, Tripathy said that the Ministry will set up a single window clearance mechanism and is in discussion with major States for setting up the same.
Meanwhile, in the current year, the Secretary said that 5,000 MW of projects in solar and wind energy will be tendered in the current year.
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