Renewable energy SEZs pull Rs 10,000 cr FDI

The government has received investment proposals to the tune of Rs 10,000 crore from the US and Germany for the proposed special economic zones (SEZ) being set up to manufacture renewable energy systems.

"Ministry has already received proposals from five states for setting up SEZs to manufacture equipment and systems for non-conventional energy," Assocham quoted Minister for Non-Conventional Energy Sources, Vilas Rao Muttemwar.

The government is also planning to set up a series of SEZs to manufacture renewable energy systems and devices for which it has recieved an encouraging response, the minister said.

The minister said the government would finalise the locations for setting up SEZs for the proposed investment from America and Germany within a months time.

He said the ministry has recieved proposals from Tamil Nadu, Maharasthra, Chhattisgarh, Andhra Pradesh and Karnataka to set up these SEZs, adding, that a minimum area of 1,000 acres would be required to absorb the investment proposals for making non-conventional devices.

A new bio fuel policy would be finalised shortly by the ministry, Assocham said. "Renewable energy has a major role in the mitigation of our energy problems. Clean power generation based on renewable sources of energy such as solar, wind, hydro and bio-energy has of late been assuming increasingly significance globally in the wake of the depleting fossil fuel reserves and associated global warming concerns," he said.