EY, Ficci identify 600 ‘shovel-ready’ projects with potential for Rs 6 lakh cr investment, 1.5 million new jobs

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A joint report by industry representatives, global consultancy firm EY and industry lobby Ficci has identified over 600 ‘shovel-ready’ low carbon investment opportunities in India with huge potential for post-pandemic economic recovery and job creation.

The identified projects have a potential for nearly Rs 6 lakh crore of investments and the capacity to create around 1.5 million new jobs. The identified areas include utility scale renewable energy power generation, rooftop solar PV deployment, decentralised RE power generation, original RE equipment manufacturing, and electric vehicle charging infrastructure.

The report claims to have presented, for the first time, an assessment of what is at stake in terms of the economic development, capital mobilisation, self-reliance, jobs and environment in each of the critical thematic areas of low carbon infrastructure.

The objective of the report was to help the government shape concrete policy for balancing economic recovery and climate neutrality goals in post-Covid stimulus efforts.

The stakeholders who attended a consultation meeting in March and shared the project level information and insights for the report included representatives of the ministry of new and renewable energy,

, Aditya Birla Renewables, Azure Power, , Inox Wind, , ReNew Power, SB Energy Corp and Sembcorp Energy.

“The shovel-ready projects identified have the desired potential to create social, environmental and economic value in the immediate future,” said the report. “As the purpose of the report is to uncover a pipeline of ready-to-invest projects, we have focused on projects that are expecting financial close in the short term.”

The report urged the policy makers to reflect on the urgency of the challenges posed by Covid-19 and leverage on the existing clean energy programmes for quick economic recovery.

“Labour-intensive, shovel-ready, low carbon infrastructure projects having strong interactions with the hard-hit construction industry must be at the focus of the post-Covid green stimulus efforts,” it said.

As part of the stimulus action, the report advised the government to work towards clarity on waiver of inter-state transmission charges and losses on supply of solar and wind power beyond June 2023, and set up a mechanism to rediscover tariffs for stranded projects without power purchase agreements.

The report also suggested establishing a robust coordination mechanism between central off-takers and state governments towards firming up long-term power procurement plans, expanding the domestic lending base for hybrid RE power projects in pipeline, and promoting electrification of end use to boost demand growth.

There are over 300 utility scale RE-based power generation projects in the pipeline led by both public and private sector, the report pointed out. These projects include solar PV, wind, biomass and hybrid RE projects under different stages of development. Together these projects constitute around 84 gigawatts of contracted capacity in the pipeline.

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