PM to inaugurate Clean Energy Global Investors meet Sunday

New Delhi, Feb 13 (IANS) Prime Minister Narendra Modi will Sunday inaugurate the first Renewable Energy Global Investors Meet and Expo (Re-Invest) here to be held Feb 15-17 to attract large scale investments for solar and wind power generation in the country.

The central theme of Re-Invest is to attract investments for the renewable energy sector.

"The aim of the event is to evolve innovative financial models for funding and to ensure the partnership of states and the centre in harnessing renewable energy," Power and Renewable Energy Minister Piyush Goyal said Friday, briefing reporters on the upcoming event.

"It will also showcase the government's commitment to the development and scaling up of renewable energy to meet the national energy requirement in a socially, economically and ecologically sustainable manner," he added.

Germany is the partner country for Re-Invest, which will have the participation of over 200 investors and over 1,000 delegates from around the world.

"In terms of companies which are participating, several have committed to invest in renewable energy and those commitments total to numbers which even are more than the entire mission we have set up," Goyal said earlier this week.

"We are looking at nearly twice the amount of interest than what our target is, more than 200 GW or 200,000 MW, with investments of $200 billion," the minister added.

Renewable energy currently contributes a little over six percent of the power generated India, which the government plans to double to about 12 percent with an investment of $100 billion over the next four-five years.

The government has revised upwards the target of solar power generation from 20,000 MW by 2022 to 100,000 MW by 2020.