New Delhi, May 23: The renewable energy sector will play a pivotal role in powering the growth vision for the northeast region, Union Minister for New and Renewable Energy, Pralhad Joshi, said on Friday.

Northeast has vast untapped renewable energy resources, including over 129 GW potential from large hydro projects and more than 18 GW from pumped storage plants.

These natural advantages, coupled with rising energy demand and strategic cross-border positioning, make the region central to India's green growth plans, said the minister at the ‘Rising North East Investors Summit 2025’ here.

Describing Northeast as India’s ‘Ashtalakshmi’, Joshi said, “By turning the Northeast’s natural resources into wealth through green power, we are, in effect, making each state a ‘Lakshmi’ of clean energy contributing to India’s prosperity.”

Northeast will also play a key role in ensuring India’s grid stability in the near future under ‘One Nation, One Grid’, the minister emphasised.

During recent investor engagements, major Indian conglomerates expressed significant interest in the region’s renewable energy potential.

A total of 115 memoranda of understanding (MoUs) worth Rs 38,856 crore have been signed between state governments and private investors in the renewable energy sector.

The minister also highlighted various recent investments from private players which will bring massive employment and development in Northeast.

To promote clean energy development in the region, the Ministry of New and Renewable Energy (MNRE) has earmarked 10 per cent of its annual scheme budget exclusively for the northeastern Region.

In addition to this dedicated allocation, the Ministry is extending enhanced financial assistance to further encourage investment.

This includes a 10 per cent higher Central Financial Assistance (CFA) under the PM Surya Ghar Muft Bijli Yojana, as well as a 20 per cent higher CFA for Components B and C of the PM-KUSUM scheme.

Joshi also shared that a 20 MW solar park has been successfully commissioned in Champhai district of Mizoram, showcasing the region’s project-readiness. He also mentioned that a 25 MW green hydrogen plant is under development in Assam, which also hosts India’s first pure green hydrogen plant.

--IANS

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