The World Bank is open to partnering the Indian Government for developing the renewable energy sector. The Government has set an ambitious target of installing at least 40 GW of additional capacity of renewable energy in the next 10 years.
However, to achieve this target significant financial and regulatory barriers are required to be addressed, a World Bank report on “Unleashing of the Potential of Renewable Energy in India” said.
India will not only have to meet ambitious targets set under the National Solar Mission, but double its wind capacity, quadruple its small hydropower power capacity, fully realise co-generation capacity, and increase biomass realisation by a factor of five to six.
To achieve the target of 40 GW by 2022, the report, released here on Friday, suggested single window clearance for all renewable projects, promoting innovative approaches, a competitive bidding process, and providing long-term funding options for producers. Projects are held back because of the large number of clearances required during the development cycle, it said.
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