Maharashtra government approves new Renewable Energy Policy

Maharashtra government has approved a new Renewable Energy Policy which aims at achieving 14,400 MW of installed capacity over a period of five years i.e. till 2020.
The approval decision of new policy worth 4,156.43 crore rupees was taken by state cabinet meeting chaired by Chief Minister Devendra in Mumbai.
The policy aims at achieving installed capacity of renewable energy of 21,100 MW by 2020 from current installed capacity of 6,700 MW.
The target will be achieved through public-private partnerships (PPP) and captive power projects and rolled out of slew incentives for developers for these renewable power projects.
Key facts from new policy

• Policy aims at achieving the installed capacity of 7,500 MW solar energy, 5,000 MW of wind energy, 1,000 MW of bagasse based co-generation by 2020.
• It also seeks to achieve installed capacity 400 MW small hydro, 200 MW of industrial waste and 300 MW of agriculture waste-based products by 2020.
• In order to promote installation of new renewable projects, the state government has simplified consent norms and reduced the number of clearances.
• State government will also provide financial incentives including electricity duty exemption for ten years apart from various other capital subsidies.
• Procurement process for these projects will be done through competitive bidding with an assurance that consumers will benefit in terms of affordable tariff.

Month: Current Affairs - June, 2015