India Aims To Attract Investors In Renewable Energy Via Expo

NEW DELHI (India), Oct 1 (Bernama) -- India aims to attract large scale investments in the renewable energy sector via the first Renewable Energy Global Investors Meet and Expo (RE-INVEST) 2015, India's Ministry of New and Renewable Energy announced. RE-INVEST would be the first major platform for investment promotion in the renewable energy sector in India and signaled the country's commitment to the development and up scaling of renewable energy to meet the energy requirement in a sustainable manner. The three-day event, beginning Feb 15, 2015, and a follow-up to the "Make in India" initiative launched by Prime Minister Narendra Modi recently, would enable the global investment community to connect with renewable energy stakeholders in India. Over 200 investors and 1,000 delegates, both domestic and international, are expected to attend the event, said the Ministry in a statement. RE-INVEST would be a culmination of a conference and exhibition of manufacturers, project developers, investors and other players in the renewable energy space to showcase manufacturing capabilities, latest technologies, financing options and investment opportunities. International companies in the renewable energy space from different countries would also exhibit their products at the Expo to a wide Indian audience, it said. RE-INVEST is being jointly organised with a the Indian Renewable Energy Development Agency, Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry. Renewable energy accounted for about 6.5 per cent of India's electricity mix and there is a proposal to increase the contribution to about 12 per cent in the next three years. Major initiatives by the government, including accelerated depreciation, generation-based incentives, feed-in-tariff and viability gap funding is expected to add massive investments in the renewable energy sector. Foreign direct investment up to 100 per cent under the automatic route is permitted in the renewable energy sector. --BERNAMA