The renewable energy sector of India is witnessing a massive growth, which is almost growing at an exponential rate. Under the able guidance of the Prime Minister of India, Narendra Modi, the country is continuously adding rapid developments to this sector and is setting one milestone after another and is gaining recognition worldwide for its methodologies for the production of clean energy along with its contribution to the conservation of energy sources.
An agency of the government of United Kingdom called the CDC Group recently announced that it is going to make a handsome investment of up to 100 million dollars. The sources have revealed that such a huge capital will be able to support and enhance many projects in India that are dedicated to the operations of renewable energy production.
The aim and vision of this agency is to develop an institution that can be useful to establish an autonomous energy company within the country. The establishment of such a company is based on the reliance and joint efforts of other organizations and agencies that are focusing their resources, time and efforts in this green sector.
Initially in this week, a meeting had taken place between the United Kingdom and India that was aimed at discussing the agendas pertaining to finance and economy and deal with these issues to get the most possible solutions. This plan of investment was confirmed by Piyush Goyal, the Renewable and New Energy and Power Minister as well as Greg Clark, the Secretary of State of United Kingdom BEIS through a discussion that followed after the meeting.
The discussion under which this announcement was made was a part of a deal of partnership that took place between India and United Kingdom by the name of energy for growth.
In addition to the 100 million dollar investment, United Kingdom has also promised to provide technical assistance with another 20 million pounds so that areas like renewables, power, efficiency and energy access can be enhanced as they have the top priority.
The two countries also shook hands to accelerate the deployment of renewable energy by including some level of support in the states so that they can plan for the harnessing of renewable energy.
The BEIS said that this collaboration will empower the program that focuses on reliable, efficient and sustainable supply of electricity along with improvement in the integration as well as the access of energy.
The government also said that these initiatives are a part of the climate funding of United Kingdom. Under this program, a Clean Technology Fund has been set up to assist India and has recently approved a sanction of 775 million pounds for investment in India in the green renewable energy sector.