New Delhi: The Indian Biogas Association (IBA) has received pledges for Rs 2,755 crore in new investments, the industry body said on Thursday, reported PTI.
This commitment was made during the recent Renewable Energy India Expo 2023.
“Indian Biogas Association (IBA), an industry association comprising operators, manufacturers, and planners of bioenergy plants, has received a commitment of investment worth Rs 2,755 crore during the Renewable Energy India Expo 2023,” IBA Chairman Gaurav Kedia was quoted as saying by PTI.
The investments materialized in the form of joint ventures (JVs), Memorandums of Understanding (MoUs), and Letters of Intent (LoIs) commitments during the recently concluded Renewable Energy India (REI) Expo, which took place from October 4 to 6 in Greater Noida. These financial commitments, according to Kedia, are anticipated to be realized within the next three years.
Kedia also highlighted the substantial international interest the industry garnered during the event, with companies from countries such as Germany, Sweden, and Italy expressing strong enthusiasm. “We have signed several MoUs, totaling over Rs 1,000 crore for JVs, and we have also received interest in an additional 54 LoIs for the establishment of compressed biogas plants in the country,” he stated.
Established in 2011 and subsequently revamped in 2015, the IBA stands as the first nationwide professional association dedicated to biogas. It caters to operators, manufacturers, planners of biogas facilities, and representatives from public policy, science, and research in India. The IBA has collaborated with various international organizations, including the German Biogas Association, to advance the development of the bio-energy sector within India.
IBA President A R Shukla commended the recent REI expo as a tremendous success, particularly in light of the G20 Nations’ announcement of the Global Biofuels Alliance, which has infused optimism into the industry.
