Private players seek ‘green energy’ status for N-power to raise funds

Private companies are pushing for nuclear energy to be recognized as "green energy" in order to gain access to green bonds, loans and blended financing for their projects. During a NITI Aayog stakeholder consultation, they called for a review of existing green finance frameworks, including sovereign green bond frameworks, green deposit acceptance and green debt securities.

Abhay Karandikar, a member of NITI Aayog, emphasized the need for these frameworks to be reviewed so that nuclear energy can be included. They also suggested that nuclear power projects should be given infrastructure status, as the Harmonised Master List of Infrastructure Sub-sectors already includes electricity generation. Around 150 participants from 60 organizations attended the NITI Aayog's consultation.

India opened its civil nuclear sector to private participation in 2022 and aims to reach 100 gigawatt-electric (GWe) nuclear power capacity by 2047. Nivruti Rai, MD and CEO of Invest India, estimated that India would need at least $228 billion to achieve this target. Ghanshyam Prasad, Chairperson of the Central Electricity Authority (CEA), said the final rules under the SHANTI Act would be ready in the next two to three months, with stakeholder consultations ongoing.

He stressed the need to shorten the gestation period of nuclear power projects and highlighted site selection as a major challenge. Prasad also advocated for the development of thorium-based technologies to enhance India's long-term energy security and stressed the importance of standardizing nuclear reactor technologies to accelerate deployment and reduce regulatory hurdles.

However, he pointed out a shortage of skilled manpower as a significant challenge, with the industry still relying on retired personnel from the Nuclear Power Corporation of India Limited (NPCIL) and Larsen & Toubro Limited (L&T).