Investments worth Rs 1,850 crore have been committed in the biogas sector during the Renewable Energy India (REI) Expo 2024, held from October 3-5 in Greater Noida, a top official of Indian Biogas Association (IBA) said.
“The IBA has secured anticipated investment commitments totaling Rs 1,850 crore through joint ventures (JVs), MoUs, and letters of intent (LoIs) at the recently concluded Renewable Energy India (REI) Expo 2024, held from October 3 to 5 in Greater Noida,” IBA Chairman Gaurav Kedia told PTI.
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Kedia said a total of 47 exhibitors representing 10 biogas producing nations took part in the REI Expo.
These investments, set to be realised over 2-3 years, reflect strong international interest, particularly from countries such as Germany, Sweden, and the UK, he said.
“We have signed MoUs (memorandum of understanding) worth over Rs 900 crore for joint ventures and received almost 50 LoIs (letter of intends) for establishing compressed biogas plants in India,” Kedia said.
Founded in 2011 and revamped in 2015, the IBA serves as a nationwide platform for bioenergy operators, manufacturers, and planners, working with international organisations like the German Biogas Association to promote the growth of the biogas sector in India.
The REI Expo, one of the largest renewable energy events in India, focuses on bioenergy, solar, wind, electric vehicles, and energy efficiency technologies.
Supported by the Ministry of New and Renewable Energy (MNRE) and key industry players, Bio-Energy Pavilion 2024 was aimed to accelerate India’s progress towards net-zero emissions.
IBA President Dr A R Shukla highlighted the success of this year’s expo, noting that the active participation of MNRE to be present in Bio-Energy Pavilion with scientist of Sardar Swaran Singh National Institute of Bio-Energy (SSS-NIBE), Kapurthala, has boosted confidence in the bioenergy sector.
Shukla also emphasised the need for emphasising on bio-energy considering its holistic advantage, to unlock the potential for energy self-sufficiency.
He added that with the right policy support, the bioenergy industry could replace fossil fuels entirely.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 06 2024 | 11:28 AM IST
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