The government today said, it plans to achieve around 55 thousand Megawatt (MW) power generation from renewable sources over the next 5 years.

Speaking at a conference in New Delhi, New and Renewable Energy Secretary, Gireesh B. Pradhan said government is encouraging foreign investors to set up renewable power projects on build own and operate basis with 100 per cent foreign direct investment.

Mr Pradhan said that investors from the ASEAN member countries can consider India as an investment destination in renewable energy. He said that India's renewable energy programme is primarily private sector driven and offers signficant investment and business opportunities.

A large domestic manufacturing base has been established in the country for renewable energy systems and products.

AIR correspondent reports, new investments in renewables have now exceeded 10 billion US dollar per year.