The minister also said it was time for the government to have a look at whether there was really a need to have separate Renewable Purchase Obligations.
"Power Ministry had finalised the policy last month and sent to the Finance Ministry for vetting before placing it for the Cabinet approval," a source said.
The Bengaluru-based firm has also been working on reducing its per capita electricity consumption. It said the per capita electricity consumption has been reduced by 2.88 per cent in 2016-17.
At present, a hydro power project up to 25 MW is classified under renewable energy and is entitled to various incentives provided by the government.
India is considering electrifying all its vehicles over the next 15 years, a plan that could boost SoftBank's solar ambitions in the country if the government adopts renewable energy to charge the vehicles.
A combination of lower tariffs, muddled policy, and lowered incentives are threatening to cripple the wind power industry.
"India is moving quite quickly in a number of areas as well, again, on renewable energy, which is kind of a golden thread running through this hearing. India is thinking big and moving big," Robert Orr, professor and dean, University of Maryland, School of Public Policy, told lawmakers during a Congressional hearing.
The bonds will be raised by the Ministry of New & Renewable Energy through the Indian Renewable Energy Development Agency during the 2017-18.
TCCL, a joint venture between Tata Capital and International Finance Corporation, currently has an asset/loan book size of Rs 2,400 crore.
It is true that there is an increase in carbon emission by India and China due to homegrown consumption and lack of infrastructure. But let's keep in mind that India's carbon emissions per capita are still 10 times lower and China's is half of that compared to the US.
China has pledged to increase non-fossil fuel energy to at least 20 percent of total consumption by the end of the next decade, up from 12 percent in 2015, part of its efforts to tackle air pollution and bring carbon dioxide emissions to a peak by around 2030.
The Cabinet today approved signing of a pact between Forum of Regulators (FOR) and National Associations of Regulatory Utility Commissioners (NARUC) for large-scale grid integration of renewable energy.
As investments in the solar sector see an upsurge, Macquarie Infrastructure looks at buying a 320 megawatt (MW) portfolio of solar assets from Hindustan Power Projects Pvt Ltd (HPPPL).
The milestone came as NTPC Ltd, India's largest power producer, commissioned a 45 MW solar power project at Bhadla in Jodhpur, Rajasthan.
There was a "good increase in trade but opportunities do exist. The newer sectors in which we can have greater interaction, engagement and productive relationship are renewable energy, pharmaceuticals and healthcare," the Commerce and Industry Minister said.
"The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for signing of a MoU on Renewable Energy between India and Portugal. The MoU was signed on January 6, 2017 in New Delhi," an official statement said.
Aiming to use power from renewable energy for its business, private dairy firm Hatsun Agro Product today said it has commissioned wind power plants with 24 megawatt (MW) capacity in Tuticorin district in Tamil Nadu.
Buoyed by drop in tariff to record low of Rs 3.46 per unit in the first auction of wind power, the government is mulling putting on the block more such projects next fiscal.
Speaking to CNBC-TV18, Power Minister Piyush Goyal said the central support had been doubled to Rs 8,000 crore based on the successful bidding for the Rewa solar park where they discovered a price of 2.90 per unit of solar energy.
"A joint call between the Research Council of Norway and Department of Science and Technology of India was launched during a week-long matchmaking workshop on renewable energy at the Norwegian Embassy.
In Q3 results released on Monday, the company said its net profit had risen 19.8 percent year-on-year to Rs 83.2 crore.
Speaking to CNBC-TV18, Ramesh said that a few top companies from the renewables space are likely to get listed and will receive a good response from the market.
According to Union ministry of new and renewable energy (MNRE) data, Rajasthan has only 31 MW approved/sanctioned projects under Grid connected roof-top and small solar power plants programme.
Its consolidated net loss was Rs 102.48 crore in the quarter ended on December 31, 2015, Orient Green Power said in a BSE filing yesterday.
Adani Australia country-head and CEO, Jeyakumar Janakaraj, said the appointment of Purdie is a significant step for the company in Australia.