$55 Billion to be invested in renewable energy sector in 5 years
By siliconindia   |   Wednesday, 27 October 2010, 21:25 IST
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$55 Billion to be invested in renewable energy sector in 5 years
New Delhi: In the next five years $55 billion would be invested in the renewable energy sector in the country, which is expected to generate 35,000 MW of power, said Debashish Majumdar, Chairman and Managing Director, India Renewable Energy Agency (IREDA). He was speaking in the sidelines of Delhi International Renewable Energy Conference (DIREC). India, one of the leading producers of wind power, is encouraging investment in renewable energy to curb emissions and reduce dependence on oil as the country imports nearly three quarters of the oil it consumes. Renewable sources account for about 6,000 MW out of India's capacity of about 80,000 MW, but the government believes that the country can raise output of renewable energy to 85, 000 in a little over a decade. New and renewable energy Minister Farooq Abdullah said that 10,000 remote villages across the country would be electrified with renewable sources by 2012 under an innovative initiative that will also generate employments. Under the same scheme, one person would be appointed in each village for maintenance of power plants set up there. The type of plants to be set up would depend on the renewable energy source available in the villages. DIREC 2010 is a three-day International Renewable Energy Conference beginning from October 27 that will feature more than 9,000 delegates, over 25 speakers and 600 exhibitors from 50 countries. At the conference, several agreements in the field of renewable energy are expected to be signed between Indian and foreign firms.

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