Global RE-Invest Summit: CMs demand easy credit to boost clean energy sector

States on Wednesday urged the Centre to provide a level playing field for domestic investors in the renewable energy sector and categorise large hydro projects like a clean energy source to give a boost to green energy projects.

Chief ministers and representatives of various states at the Second Global RE-Invest Summit here demanded that subsidies and easy credit should be provided to domestic investors as well as feasible and acceptable policies.

"There should be a level playing field because foreign investors come with huge investments. Our Indian investors need protection from the government," Puducherry Chief Minister V Narayanasamy observed during a session.

The government should provide bank support and bank subsidy for harnessing clean energy sources, he stressed.

States also asked the government to protect the domestic industry for improving renewable energy equipment manufacturing particularly of solar energy and reducing huge import dependence.

Uttar Pradesh Minister of Additional Energy Sources Brajesh Pathak said, "There a lot of scope of investing in solar energy in Uttar Pradesh, We will extend all support for your investments."

About solar manufacturing, he said about 90 per cent of the solar manufacturing is related to the assembly of imported equipment only in India.

India depends on solar equipment imports largely from China, Taiwan and Malaysia for setting up solar plants.

Himachal Pradesh Chief Minister Jai Ram Thakur suggested that all hydropower projects should be included in the category of renewable energy so that they could also avail the benefits being given to renewable energy projects.

At present, hydropower projects up to 25 MW capacity are included under this category.

He added that hydropower projects generate green energy which was eco-friendly, if this demand was fulfilled then more investors would be attracted to the state and economy would be strengthened further.