Rajasthan to Attract Rs 5 Lakh Cr Energy Investments

New Delhi, Oct 3 (PTI) Rajasthan is expected to attract investments worth Rs 5 lakh crore in the energy sector over the next five years, Minister of State Heera Lal Nagar said on Thursday.

He also said that steps are being taken for tenders of 1,000 MW of rooftop solar projects with an aim to strengthen the grid and transmission systems.

The Rajasthan Minister of State for Energy made the remarks while speaking to the media at the Renewable Energy India (REI) Expo 2024 organised by Informa Markets in India.

"Rajasthan has transformed its geographic challenges into an energy boon. Currently, we produce 20,000 MW of solar energy, of which only 5,000 MW is used locally, while the rest is supplied across the country. Additionally, we have taken steps to further scale this, with planned investments of Rs 5 lakh crore in the energy sector over the next 4-5 years," Nagar said.

Manu Srivastava, Additional Chief Secretary, Power and Renewable Energy Department, Government of Madhya Pradesh, said tenders have been floated in the state for 600 MW solar and 880 MWh battery projects in the state.

The official said that the share of electricity in energy demand globally is projected to rise from 20 per cent to 31 per cent by 2050, and in a net-zero scenario, it must exceed 50 per cent.

"For India, developing both its fossil fuel and electric economies is critical to meet rising demand. With solar now a core part of India's energy mix, integrating storage is essential for driving economic growth and ensuring energy sustainability," Srivastava said in his address.

Over 800 exhibitors coming from India and global key renewable energy markets like the Middle East are participating in the three-day event. Besides industry stakeholders and various government officials will engage in discussions of over challenges being faced by the industry and solutions to them.