New Delhi, September 11: With an ambitious aim set up 175 GW of clean energy capacity by 2022 -- including 100 GW solar and 60 GW of wind energy -- the Narendra Modi government is planning for Ultra Mega Renewable Energy Power Parks (UMREPPs) by investing USD 1.5 billion each. To make the aim of 2,000 megawatts (MW) achievable under Solar Park scheme, the Union government will soon set-up a special purpose vehicle (SPV) that will act as the implementing agency.

Under this scheme, Centre would pay Rs 0.02 per unit on electricity generated from these projects over their lifetime to the states, which will facilitate the requisite clearances. However, there are concerns over large power generation capacities at a single location, ecological concerns and local resistance. Subramanian Swamy, Modi Govt Widely Differ as Economic Crisis Deepens: Here's How The Ex-FM Has Critiqued The Handling of Economy So Far.

According to a report, published in the LiveMint, power ministry’s ambitious ultra-mega power project (UMPP) programme was an attempt made earlier too. Sharing more information, a government official stated, "The state governments will facilitate the SPV to identify and acquire land and obtaining all required statutory clearances."

The developers would pay for the SPV's park development and operations and maintenance (O&M) charges. They would also pay Rs 0.02 per unit on electricity generated from these projects over their lifetime and would be selected through tariff-based competitive bids, informed the government official. Russia to Launch World's First Floating Nuclear Reactor in Arctic.

The new development comes amid the government's additional clean energy investment requirement of around USD 80 billion till 2022, which is expected to grow by more than three-fold to USD 250 billion during 2023-30. As per the information, these SPVs are being planned after Tesla, and China’s Contemporary Amperex Technology Co. Ltd (CATL) and BYD Co. Ltd. shared an interest in India's plan to build large factories to make lithium-ion batteries at an investment of about Rs 50,000 crore. Climate Summit 2019: Indian Climate Activist Among 100 Selected to Participate in UN.

Considering the present scenario, India current power generation of 80,000 MW or 22 percent -- of total 357,875 megawatts (MW) -- comes through clean energy projects such as solar and wind. The Narendra Modi government has planned to generate 175GW of renewable produce by 2022 and aims at 500GW by 2030 as part of its climate commitments.

(The above story first appeared on LatestLY on Sep 11, 2019 06:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).