India’s REC scheme crosses key landmark
- 07 July 2011
NEW DELHI: India’s Renewable Energy Certificates (REC) scheme has crossed another landmark as it passes 100 projects submitted for registration, reaching a combined generation capacity from all technologies of 671.45MW.
The Maharashtra Energy Development Agency has led the REC scheme since March 2011 and boasts over 61% of the projects accredited, most of which are wind energy based.
Other Indian states which have arranged projects under the REC scheme are Chhattisgarh, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Rajasthan and Uttar Pradesh.
The REC scheme was established to allow renewable energy generators a certain number of RECs per MwH of green energy that they produce for the energy grid, which can be traded to help them meet renewable energy targets.
This new REC milestone is framed by recent events organized by The Climate Group India in support of the REC scheme.
From March 20 - 30, 2011,The Climate Change Association India, which is part of The Climate Group, organized a high-level delegation of Indian finance, energy, and banking representatives to meet EU and US leaders to gain a better understanding of global REC market operations. Senior officials from the Central Electricity Regulatory Commission (CERC), National Load Despatch Centre (NLDC), Suzlon Energy Ltd., ICICI Bank and ABPS Infra participated.
The Climate Group also hosted a webinar on RECs, entitled Mechanism for India on May 13, 2011, which featured presentations from a government official, Mr. Hemant Pandey, Deputy Chief (Engineering), Central Electricity Regulatory Commission and Mr. Ajit Pandit, Director, ABPS Infrastructure Advisory Pvt. Ltd. These guests were joined by more than 40 participants from different stakeholder groups to discuss the REC mechanism in India and how it can help renewable energy obligations of India's corporate and investor community.
Reacting to the growing interests of RECs, Aditi Dass, Director of Technology Programs, The Climate Group India said: “Increasing numbers of RECs will result in a greater push to renewable electricity and therefore capacity addition into the system. And that makes it a very healthy trend, which in the long run is expected to create even more interest from Indian - as well as international – investors, who are looking at various market models of renewable power.”