Budget 2015: Piyush Goyal asks FM to come out with innovative models for renewable energy projects

NEW DELHI: The Renewable Energy Ministry has asked Finance Minister Arun Jaitley to come out with "innovative financing models" in the upcoming Budget to help the sector attract overseas funds, while amending the inverted duty structure.

"I hope in this budget some more inverted duties which is flagged off by this Ministry will be corrected by the Finance Minister.

"We are also looking at innovative financing models..to provide adequate funding in the sector and encourage investors all over the world to invest in India. We are informed by the Finance Minister.. that this is going to be a investor-friendly growth-oriented budget," Power, Coal and Renewable Energy Minister Piyush Goyal told reporters here.

Jaitley is going to unveil its first full-fledged budget on February 28.

In the last budget, the government had given high priority to the renewable energy sector with an allocation of Rs 1,000 crore for development of ultra large solar power plants and solar parks.

Jaitley had also announced launching a scheme for solar power driven agricultural pump sets and water pumping stations for energising one lakh pumps.

The government had earlier said that the country's renewable energy sector is looking at attracting USD 200 billion in investments as several domestic and international firms queue up to tap the potential of green power.

The government aims to have 1,00,000 MW of installed solar power capacity by 2022 from the present around 3,000 MW.

The Ministry of New and Renewable Energy is organising Renewable Energy Global Investors Meet & Expo (RE-Invest) from 15-17 February 2015 in New Delhi. The central theme of RE-Invest is to attract large scale investments for the renewable energy sector in India.