New RE Policy in Maharashtra to Attract Rs 75,000 Cr Investments: Raut

The new RE policy of Maharashtra will attract investments of Rs 75,000 crore in the state per Energy Minister Nitin Raut.

The new renewable energy (RE) policy of Maharashtra will attract investments to the tune of Rs 75,000 crore in the state according to state Power and New & Renewable Energy Minister Nitin Raut.

The minister made the claims while addressing an interactive session with the CEOs of renewable energy and power companies organised by the Federation of Indian Chambers of Commerce & Industry (FICCI).

“Nitin Raut, Minister for Power and New & Renewable Energy, Government of Maharashtra, today while highlighting Maharashtra’s New Renewable Energy Policy said that the policy aims to promote public and private sector participation and will attract an investment of Rs 75,000 crore in power and allied sectors,” FICCI issued in a statement.

In his address, Raut also stated that the policy aims to implement 17,000 MW of renewable power projects in the next 5 years. And, expected to create direct and indirect employment for one lakh people, along with giving priority to hybrid power projects.

“In line with the Paris Agreement, the Government of Maharashtra is committed to achieving 40 percent electricity generation from renewable energy sources by 2030,” Raut added, as per the statement.

Maharashtra Principal Secretary (Energy) Asim Gupta addressed various concerns of the industry related to payment security, transmission, hybrid policy, open access, rooftop solar, and tenders for greenfield renewable energy projects, phasing out old inefficient plants. He said the government is open to suggestions and looks forward to collectively work with the industry for the betterment of the sectors.

Ranjit Gupta, chair of FICCI Renewable Energy CEOs Council and CEO of Azure Power, said Maharashtra is a key state of interest for the renewable energy players, and its new renewable energy policy is a welcome move for the industry.

In August 2020, numerous reports had quoted Raut saying that no more thermal power generation units would be set up in the state as there is a huge gap between supply and demand due to the coronavirus pandemic-induced recession. And that demand-supply gap is proving to be expensive in more ways than one for the cash strapped government.