Indian Economy News

Ministry of New and Renewable Energy signed a strategic sector cooperation agreement and letter of intent with Denmark to explore the sources of wind energy

The Ministry of New and Renewable Energy of India and the Ministry of Energy, Utilities and Climate of the Republic of the Kingdom of Denmark signed a strategic sector cooperation agreement and a letter of intent on March 6, 2019.

The cooperation aimed at achieving technical capacity building for the management of off-shore wind projects, measures to develop and sustain a highly efficient wind industry, onshore as well as offshore, measures to ensure high quality of wind turbines, components, and certification requirements, forecasting and scheduling of off-shore wind or any other area as may be mutually agreed upon.

The letter of intent aimed at establishing a Centre of Excellence for Integrated Renewable Power in India inter-alia, focusing on renewable energy resource assessment with a focus on on-shore and off-shore wind, and hybridisation of wind, solar, hydro, and storage.

The government has taken various measures to promote renewable energy and wind energy in the country which included permitting Foreign Direct Investment (FDI) up to 100% under the automatic route, waiver of Inter-State Transmission System (ISTS) charges for inter-state sale of solar and wind power, setting up Ultra Mega Renewable Energy Parks, laying of new transmission lines, etc. Additionally, some specific measures have also been taken to promote wind energy which includes concessional custom duty exemption, Generation Based Incentive (GBI), etc.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.