Union Minister for Power and New and Renewable Energy, R K Singh, held a virtual round table meeting on Tuesday with major German energy companies about their expansion in India.
Minister invited all major German companies to come and invest in India. Union Secretary for Power Alok Kumar, Joint Secretary MNRE Dr Vandana Kumar and other senior officials from India and Germany also joined the meeting.
R K Singh highlighted that India has emerged as the most attractive destination for investment in Renewable Energy. India has focused programs for capacity addition and accelerating the energy transition.
The Minister said that India already has one of the largest RE capacities in the world, and India also has the fastest rate of growth of RE capacity addition.
Singh emphasized that India will also add some of the largest capacities in battery storage, green hydrogen and green ammonia for its own use and also meet the growing global demand.
He stated that India will be one of the largest producers of green hydrogen in the world. India will manufacture green hydrogen at the most competitive prices, he informed the German companies.
The Minister said the German companies that India's plans will create significant opportunities in Offshore wind. India plan to have a capacity of 30,000 MW of Offshore wind in our country.
He also added that German companies are welcome to participate and compete in manufacturing of high efficiency solar cells and modules of which India is going to set up 50,000 MW capacity.
Union Minister R K Singh stated that India, under PM Narendra Modi, welcomes innovation. He underlined the numerous emerging opportunities and invited the companies to invest in India. He added that India has a completely accessible market, facilitative policies and an enabling regulatory ecosystem.
Singh stated that Germany will need to import large quantities of green hydrogen and green ammonia on their path to Energy Transition and invited them to source their requirements from India.
R K Singh and German Minister for Economic Affairs and Climate Change signed a Joint declaration of Intent on Indo-German Hydrogen Task Force on Monday. Under the agreement both countries will establish an Indo-German Green Hydrogen Task Force to strengthen mutual cooperation in production, utilization, storage and distribution of Green Hydrogen through building enabling frameworks for projects, regulations and standards, trade and joint research and development (R&D) projects.
( With inputs from ANI )
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