Maharashtra Cabinet on 2 June 2015 approved a Composite Renewable Energy Policy worth 4156.43 crore rupees which would help attract investment of 1 lakh crore rupees. The policy was approved at a cabinet meet chaired by Chief Minister Devendra Fadnavis.
The policy aims at achieving 14400 MW of installed capacity from the present 6700 MW over a period of five years, that is, till 2020.
In terms of percentage, the policy targets to increase the share of renewable energy in total electricity production in the state to 15 percent from present 9 percent.
Out of the total 14400 MW installed capacity 7500 MW would come from solar energy, 5000 MW from wind energy, 1000 MW from bagasse based co-generation, 400 MW from small hydro, 200 MW from industrial waste and 300 MW from agriculture waste-based products.
Apart from this, in order to promote installation of new renewable projects, the state government also decided to simplify the consent norms and reduce the number of clearances.
Further, the procurement process would be by way of competitive bidding so as to benefit consumers in terms of affordable tariff.
In terms of financial incentives, the state government decided to provide an exemption on electricity duty for ten years apart from various other capital subsidies.
The current installed capacity of renewable energy in the state is 6700 MW. Currently, the share of renewable energy is around nine per cent and we are targetting 15 percent.
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When: 2 June 2015