Davos [Switzerland], January 17 : Germany-headquartered energy company Green Energy 3000 GmbH's Managing Director, Lutz Andreas Renker, said on Wednesday that India has an unlimited market for renewable energy and the company was planning to set up a total of 1000MW solar projects in two 500MW tranches.
"At the moment, it (India) is an unlimited market for renewable energy, as it is the cheapest energy, cheaper than coal-fired plants, cheaper than nuclear plants, so way is open for renewable energy from an economical point of view," Renker told ANI, on the sidelines of the World Economic Forum in Davos, Switzerland. He spoke tofrom the Maharashtra pavillion.
The advantage specific in India is the ample space, he said. "We want to start with 500MW (two of them) and in total 1000 MW solar."
"Project is not that easy to realise in Europe for example, but here (in India) we can do," he said.
"We have a long history of developing such projects in Europe, also in Asia. ...About the very good contacts that we have in India, we have announced to start a project here," he said.
India committed to an ambitious five-part "Panchamrit" pledge at COP26 held in 2021. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030.
India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand.
The setting up of new renewable energy projects will in the long run help save India's exchequer, besides making the country self-reliant in energy.
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