New Delhi, May 3 (Representative) Stating that India has emerged as the most attractive destination for investment in renewable energy (RE), Power Minister RK Singh on Tuesday invited German energy companies to invest in the country. In a virtual round table meeting with major German energy companies, the Minister said that India already has one of the largest RE capacities in the world and also has the fastest rate of growth of RE capacity addition.
He 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. While stating that India will be one of the largest producers of green hydrogen in the world, the Minister said that green hydrogen would be manufactured at the most competitive prices. The Minister informed the German companies that India’s plans will create significant opportunities in Offshore wind. “We plan to have a capacity of 30,000 MW of Offshore wind in our country,” he said. He invited German companies to participate and compete in manufacturing of high efficiency solar cells and modules.
The Minister 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. India and Germany on Monday signed a Joint declaration of Intent on Indo-German Hydrogen Task Force. 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.