NSEFI, USIBC, and HSBC India Collaborate to Boost Solar Energy Adoption in Manufacturing Sector
This joint initiative sought to work with the manufacturing sector and address the financing barriers faced by the companies. It also discussed ideas to foster a sustainable growth model within the RE sector.
August 13, 2024. By Abha Rustagi
The event brought together industry experts, policymakers, and financial institutions for a holistic discussion on addressing the opportunities in solar financing and at-scale deployment in India, including innovative financing models and risk mitigation strategies.
As India continues its transition towards renewable energy, solar energy stands out as a key foundational driver of this journey. This has meant an increased focus on the rapid development of solar technologies and prioritization of at-scale solar manufacturing. India has been a key player in the global solar movement and is the 3rd largest solar power generator.
Installed solar capacity in the country has increased ~30 times in the last 9 years and stands at 85.47 GW as of Jun 2024. With the availability of abundant sunlight, favorable geographic conditions, cohesive policy and regulatory ecosystem, and a growing energy demand, India has the potential to lead the world in this space. This joint initiative sought to work with the manufacturing sector and address the financing barriers faced by the companies. It also discussed ideas to foster a sustainable and inclusive growth model within the renewable energy sector.
NSEFI CEO Subrahmanyam Pulipaka, said, "Indian Renewable Energy journey is at an inflection point as the next 7 years are crucial in accelerating RE installations to achieve 2030 targets. With encouraging government policies including Green Energy open access, PM Surya Ghar Mut Bijli Yojana, and PM KUSUM apart from the announced trajectory of Utility Scale Solar, hybrid, and FDRE projects, demand for domestic manufacturing is expected to grow significantly."
"Access to affordable capital is a key to scaling up India's manufacturing to meet the growing demand. This joint endeavour of NSEFI, USIBC, and HSBC India aimed at establishing meaningful discourse for identifying key opportunities to facilitate infusion of affordable capital in Indian Solar manufacturing," added Pulipaka.
USIBC Managing Director Alexander Slater, said, “The future belongs to economies that can both reduce the carbon intensity of economic growth and create jobs. Perhaps no area holds as much potential in delivering these outcomes as the solar power ecosystem. The United States and India are working on policies, incentives, financing, and partnerships to dramatically increase India’s role in the international solar supply chain. We at the US-India Business Council are committed to supporting their work by leveraging our members’ vast capabilities and network of partners at the national and state levels."
Highlighting the role of financial institutions, Hitendra Dave, CEO, HSBC India, said, "Financial institutions like us can have an impact by supporting customers from the manufacturing sector as they adopt solar energy. Through different sustainable financing solutions, comprehensive business support, and science-based insights, we can be part of our customers' transition to lower emissions. Our collaboration with the Government and other stakeholders in this space aims to reduce real-world emissions while supporting economic growth.”
The government of India has launched various schemes to encourage the generation of solar power in the country and various tax exemptions, capital subsidies, and incentives are available for the solar energy value chain. The event also highlighted the exemplary work being done by the Tamil Nadu government, which has emerged as the leader in solar energy adoption in the country. As of June 30, 2024, Tamil Nadu’s total installed capacity of renewable power was 22,754 MW, of which solar power is at 8,617 MW.
The roundtable event was attended by prominent leaders and laid a strong foundation for future initiatives, ensuring that India advances towards achieving its renewable energy targets.
please contact: contact@energetica-india.net.
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