RE-INVEST 2024: Investment Deals Worth Nearly Rs 1.8 Lakh Crore Signed At Renewable Energy Summit

During a session titled “Energy Transition Towards 100 Gigawatts of Renewable Energy in Gujarat,” Chief Minister Bhupinder Patel presided over the signing of four MoUs.

Avaada Energy and Gujarat Power Corporation Limited (GPCL) have signed a pact for a green hydrogen project worth Rs 85,000 crore. At the same time, Gujarat State Electricity Corporation (GSEC) and Gujarat Urja Vikas Nigam Limited have signed another MoU, valued at Rs 59,000 crore. 

The other MoUs included a major renewable project worth Rs 30,000 crore signed between Juniper Green Energy and Gujarat Energy Developement Agency (GEDA) and a Rs 5,000 crore renewables joint venture between Power Grid Corporation of India and the Gujarat government. 

Other notable takeaways from the three-day RE-INVEST event were the launch of "Mission 100 Gigawatts of Renewable Energy in Gujarat" and the unveiling of "Gujarat Energy Vision 2047" by CM Patel.

While noting the achievements of Gujarat in reducing dependence on fossil fuels, promoting environmental conservation, and securing new dimensions in green energy in the state, Patel lauded PM Modi’s contribution in kicking off the country's first solar park in Charanka, and the establishment of a solar village in Modhera. 

Referring to the 37-gigawatt hybrid energy park in Kutch, four semiconductor plants, and Gujarat’s sector-specific policies, especially the Renewable Energy Policy and Green Hydrogen Policy, the Gujarat CM urged stakeholders at the event to gainfully utilise these endeavours.

He noted that the RE-INVEST Summit will be crucial in achieving energy security, clean energy, net-zero emissions, and self-reliance in renewable energy. 

Union Minister Pralhad Joshi joined the conversation and noted that Gujarat is recognised globally for its exceptional progress in every sector.

He also said the state has been a leader in renewable energy development for decades. While noting Gujarat's role in the white revolution and honey revolution, he expressed optimism about the state’s potential to bring about a renewable energy revolution. 

He also noted Gujarat’s leadership in creating a separate department for climate change. 

With 300 days of abundant sunlight each year, the state has immense potential for solar energy. Given the length of coastline in the country, Gujarat also has vast opportunities for wind energy and is making the best use of these resources, he said. 

Joshi pointed out that Gujarat already contributes approximately 53 per cent of India’s solar power capacity. 

Focusing on Gujarat’s Rs 4,490 crore allocation under the PM Solar Ghar Free Electricity Scheme, he said that the state has utilised central resources effectively. 

Gujarat is targeting to establish 100 GW of renewable energy capacity by 2030, Joshi said, and indicated that this may push other states to follow the Gujarat model. 

Gujarat Chief Secretary Rajkumar who also spoke at the event, noted that hosting the RE-INVEST 2024 was a matter of pride for Gujarat, which currently is a leader in rooftop solar systems and wind energy production in the country, and second in solar energy production. 

Secretary of the Ministry of New and Renewable Energy, Bhupinder Singh Bhalla, also noted Gujarat’s achievements in the renewable energy sector and pointed out that this was the reason for choosing the state as host for the flagship summit.

Besides CM Patel and Union Minister Joshi, other prominent figures who attended the event included Gujarat’s Energy Minister Kanu Desai, Norwegian Minister for Climate and Environment Erik Solheim, Chief Secretary Rajkumar, and the Chief Minister’s principal advisor, Hasmukh Adhia. 

Gujarat’s Revenue Department Additional Chief Secretary Jayanthi Ravi, General Administration Department Additional Chief Secretary Kamal Dayani, Industry and Mines Department Principal Secretary Mamta Verma, Managing Director of GUVNL (Gujarat Urja Vikas Nigam Ltd) Jayprakash Shivhare, and Managing Director of UGVCL (Uttar Gujarat Vij Company Ltd) Arun Mahesh Babu, along with key stakeholders from the renewable energy sector across the country were also present at the event.