MNRE postpones RE-Invest 2019 by a year

New Delhi: The Ministry of New & Renewable Energy (MNRE) said on Friday that it has postponed the 3rd Global Renewable Energy Investors' Meet & Expo (RE-Invest 2019) by a year till October 2020.

In a notice released on Thursday, the ministry had said, "Due to certain unavoidable circumstances, the 3rd Renewable Energy Global Investors Meet & Expo (RE-INVEST 2019) scheduled from October 31 to November 2, 2019 has been postponed," MNRE said in a release.

The ministry did not specify the reason for postponing the event. It was supposed to take place in Greater Noida.

Fresh dates to be announced

"Fresh dates are being worked out in consultation with the stakeholders and shall be informed shortly," the ministry said.

At a curtain-raiser organised last month, MNRE Secretary Anand Kumar had said, "Prime Minister Narendra Modi will inaugurate the 3rd Global Renewable Energy Investors' Meeting at Vigyan Bhawan on October 30. The investors' meet will be held at Greater Noida."

Kumar had said that the government was expecting an investment of $80 billion in 2 to 3 years in the renewable energy sector.

The backdrop

India is among the countries with the largest production of energy from renewable sources. As of June 30, India has an installed renewable energy capacity of 80.47 GW, of which solar and wind comprises 29.55 GW and 36.37 GW respectively. Biomass and small hydropower constitute 9.81 GW and 4.6 GW respectively. Thus, India offers one of the largest investment opportunities in the renewable space. The government of India allows a 100 percent FDI under the automatic route for projects of renewable power generation and distribution.