With more than $150 billion investments required to meet India’s renewable energy plans over the next six years, India-US partnership is a critical enabler in accelerating clean energy finance, said Ratul Puri, chairman, Hindustan Powerprojects.
Speaking during the CII-Indiaspora Dialogue “Mission 2022” at New Delhi, today, Puri, outlined the key areas where both countries can extend their partnership and expand cooperation in the field of renewable energy.
“This is going to be a vital enabler to make India’s renewable program successful. Indian debt markets do not have the depth to finance India’s renewable build out,” Puri noted.
India is set to contribute more than any other country to the projected rise in global energy demand, around one-quarter of the total. Even so, energy demand per capita in 2040 is still 40% below the world average. According to reports, the country requires an investment of ~ $2.8 trillion in energy infrastructure – 2/3 of it into the energy value chain and the balance into energy efficiency.
“Further, with an installed capacity of 44 GW of renewable (8 Mw solar and 36MW wind and others) and a target of 175 GW by 2022, India presents one of the largest investments opportunities in the renewable space. The total investment needed to achieve this target exceeds USD 150 billion,” Puri further noted.
Talking of opportunities in Smart Grids and storage, Puri said that key challenge in renewable energy is in addressing the variability of generation. Technology can play a major role is addressing this problem.
According to Puri, a combination of low cost storage combined with smart grids and the internet of things can help manage supply and demand. A rapid implementation of these technologies is vital to making India’s renewable program viable and successful.
Innovation across the energy spectrum—supply, storage, conversion, consumption, etc., —will drive improved sustainability. “U.S. with its advanced technology know how especially in the area of storage can provide valuable boost to the Indian government’s thrust to achieve its ambitious but doable target of 175 GW,” added Puri.