MNRE Forms PDC; Invites Stakeholders for Investment in India’s RE Sector

With an aim to attract investment for the renewable energy (RE) sector in India, the Ministry of New and Renewable Energy (MNRE) has now formed the much-awaited Project Development Cell (PDC) in its Ministry.

The move is in line with the Central Government’s earlier directive to set up an ‘Empowered group of Secretaries (EGoS) and Project Development Cells (PDCs) in the Ministries and Departments of the Government of India for attracting investments in India by the development of investible projects in coordination between the Central Government and State Governments.’

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MNRE on Thursday said in a statement that, “a Project Development Cell (PDC) has been constituted in the MNRE to provide support and facilitation to investors for investing in India and to boost growth in the renewable energy sector.”

However, the portal for PDC is under development, currently, to receive proposals from the RE sector. In the meantime, MNRE said, such proposals can be sent to the Ministry on the email: pdc.mnregov.in

In addition, the Ministry has also urged all industry associations to inform their members and other investors, if any, who are looking for an opportunity for investment in the renewable energy sector.

MNRE to Form Project Development Cell for Attracting Investments in India

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The government’s motive behind the formation of PDCs is to (i). Create projects with all approvals, land available for allocation and with the complete detailed project reports for adoption! investment by investors; (ii) Identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.

Now, Amitesh Kumar Sinha, Joint Secretary, MNRE, will lead the PDC and will be assisted by Ruchin Gupta, Director, MNRE, and other officers of the Grid Solar Power Division and representatives of Invest India.

The move is significant as it is expected to help the cash-strapped renewable energy sector to breath further and to pick up its pace again in order to meet the country’s COP21 commitments.

Recently, the Ministry has also set up a new cell for taking care of the foreign direct investment (FDI) into the sector in order to keep a closed eye on the investment made by neighbouring countries in India. Further, the FDI cell will be comprised of two members i.e. Amitesh Kumar Sinha, Joint Secretary (Solar), MNRE, who is the Nodal Officer; and Ruchin Gupta, Director, MNRE. This cell will further process FDI proposals.