India secures $400-bn investment commitments in renewables; ALMM review in 15 days

India has secured preliminary investment commitments worth $400 billion across the renewable energy sector, including green hydrogen, energy storage and transmission, among others, Union Minister for New and Renewable Energy Pralhad Joshi said on Wednesday.

Speaking to reporters on the sidelines of the Bharat Renewable Energy Summit and Expo, Mr. Joshi said the commitments were made during a CEO roundtable involving global investors and fund managers.

“The fund managers have taken all the details and have given a commitment of $400 billion,” he said, adding that the figures were preliminary and the final details were being worked out.

The minister said overseas investors had expressed confidence in India’s investment climate. “I also met the Canadian Investment Fund – they are one of the biggest funds. They also said this (India) was the safest place for investment,” he said.

ALMM extension decision in 10-15 days

Separately, the government will consult industry stakeholders over the next 10-15 days before deciding whether to extend the Approved List of Models and Manufacturers (ALMM) framework, Mr. Joshi said.

The framework, which mandates the use of domestically approved solar module manufacturers for specified projects, was last extended in July until December 31 for solar PV cells.

He said India’s solar cell manufacturing capacity currently stood at 41 GW, while manufacturers had committed to adding another 70 GW by the end of the year.

Acknowledging divergent views within the industry on extending the ALMM framework, he said the government would hear both sides before taking a decision.

“Some people want it to be extended, some people do not want it. We will listen to them, talk to both and we are not in a hurry to take a decision on that, [and] in another 10-15 days we will discuss with both the stakeholder associations,” he said.