Modi 3.0 sparks high hopes for renewable energy advancements.

By Oliver Townsend Jun 11, 2024
Renewable sector sets high hopes for Modi 3.0 with a focus on advanced energy solutions.jpegOrginal image from: https://energy.economictimes.indiatimes.com/news/renewable/renewable-sector-sets-high-hopes-for-modi-3-0-with-a-focus-on-advanced-energy-solutions/110887778

As Narendra Modi embarks on his third term as Prime Minister of India, the renewable energy sector is looking towards Modi 3.0 with high hopes. Industry leaders are advocating for strengthened policies and strategies to accelerate India’s green energy initiatives. With a focus on advanced energy solutions, the renewable sector is poised for growth and development under the new administration.

Industry Expectations for Modi 3.0

Vikram V, Vice President & Co-Group Head at ICRA Limited, emphasized the critical need for continuous policy support aimed at augmenting capacity additions within the renewable sector. He highlighted the development of energy storage infrastructures as essential for integrating renewable energies into the national grid. Urgent reform measures in the power distribution segment were also emphasized to ensure sustainable improvements.

Private Sector Investments and Incentives

Astik Mani Tripathi, Promoter and Director of GP ECO, anticipates that the Modi 3.0 administration will prioritize incentivizing private sector investments in large-scale battery energy storage systems. These investments are crucial for enhancing the stability and resilience of renewable energy integration. With peak energy demand hitting record levels, strategic incentives are needed for effective implementation.

Comprehensive Expectations from the Government

Anirudh Saraswat, Founder of Oriana Power, outlined expectations from the government, including policy stability, consistent tariffs, subsidies, and incentives to encourage long-term renewable investments. Saraswat also stressed the need for robust infrastructure development, modernizing the national grid, and easier access to financing through green bonds and low-interest loans. Regulatory frameworks accommodating emerging sectors like Compressed Biogas and green hydrogen were also highlighted.

Role of Governmental Policies in Fostering Growth

Amit Jain, CEO and Country Manager of Engie India, emphasized the critical role of governmental policies in fostering a conducive environment for renewables, particularly solar energy. Regulatory simplifications are essential for seamless integration of renewable sources into the national grid, enhancing energy security and system stability.

Facilitating Low-Cost Funding and Technological Innovation

Mahesh Girdhar, Managing Director & CEO of EverEnviro Resource Management Private Ltd, highlighted the importance of the government’s role in facilitating low-cost funding and creating risk-sharing facilities to address the high capital and operational costs in the renewables sector. With economic growth forecasts for India, prioritizing renewable energy, investing in technological innovation, and fostering public-private partnerships are crucial.

Addressing Demand-Supply Gap and Policy Measures

Anujesh Dwivedi, Partner at Deloitte India, pointed out the achievements in addressing the demand-supply gap without significantly adding thermal capacity in the last five years. Focus on adding firm and dispatchable power is essential, especially with plans to add new coal-based TPPs. Effective policy measures are required for successful implementation.

Advancing India’s Renewable Energy Capabilities

Collectively, these industry leaders’ insights reflect a pressing call for Modi 3.0 to implement strategic, supportive actions that would significantly advance India’s renewable energy capabilities. Aligning with global environmental goals and the nation’s sustainable development agenda is crucial for the growth and success of the renewable sector in India.

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