New Delhi: Despite India’s energy needs likely to double over the next 6-7 years going by the current rate of economic growth, the nation will meet two-fifths of its electricity needs with renewable sources by 2030, power and renewable energy minister R.K. Singh said.

Singh said that no business opportunity was as big as the one that renewable energy presents and that prices of equipment would further come down as production of solar cells and modules expand in line with the increased use of solar energy.

Singh was addressing a press conference on the second edition of a global renewable energy investors’ meet scheduled to be held from 7-9 December in the National Capital Region.

“This is a matter of worry for those who produce coal or oil. But, this (growing use of renewable energy) cannot be stopped as it makes economic sense," said the minister.

The efficiency of solar panels has already reached 30% and prices will come down due to increase in usage, he said.

Renewable energy secretary Anand Kumar, who was present, said that out of the commitment of about Rs4 trillion funding made by financial institutions during a similar investor meet in 2015, around Rs1.37 trillion has been disbursed.

Kumar later said on the sidelines of the conference that state-owned Indian Renewable Energy Development Agency Ltd (IREDA) will raise $300 million through masala bonds this financial year to fund projects.

He also said India will need an investment of around $100 billion to meet the target of having 175 gigawatt (GW) of renewable energy capacity by 2022.

PTI contributed to this story

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