India inaugurates mega solar project

India commits $1.4 billion for solar energy worldwide

India commits $1.4 billion for solar energy worldwide

The NDB and the ISA agreed to consider a roadmap for the mobilisation of financing to promote solar energy in countries of common interest and to explore mechanisms for supporting solar energy development.

A report by clean energy consultant Mercom released last week said India's solar industry had more than doubled its fundraising to USA $10 billion in 2017, but warned that activity was likely to slow this year as New Delhi planned to slap high tariffs on imports.

The ISA is a treaty-based inter-governmental alliance of 121 sunshine-rich countries that lie fully or partially between the Tropics of Cancer and Capricorn. Its stipulated aim is for renewable energy to make up 40% of installed power capacity by 2030, compared with 18.2% at the end of 2017. The $1.4 billion line of credit will cover 27 projects in 15 countries and boost the much-required financial power to the solar sector.


In a press statement, Cuomo pledged to provide a USD-1.4-billion (EUR 1.1bn) investment package for the implementation of 22 utility-scale solar schemes with a combined capacity of 646 MW, three wind projects of 733.6 MW in total, one of them with storage capacity, and one hydropower plant (HPP) project of 3.23 MW. The country committed €300 million in 2015.

"Using our high-performance Series 6 thin-film modules and a plant design approach tailored to utility ownership values, we will contribute significantly to Vectren's commitment to deliver clean, reliable and reasonably priced energy to its customers", says Eran Mahrer, vice president of markets, origination and government affairs for First Solar. The Indian Renewable Energy Development Agency (IREDA) and Solar Energy Corporation of India (SECI) also announced contributions of $1 million each to the ISA corpus fund at this launch event. The 13 projects already under way include initiatives to bring electricity to villages in Niger, to install street lighting in Sierra Leone and to supply solar-powered lamps in the small South American nation of Suriname. Although Blakers sees great value in the alliance's micro-finance schemes in developing countries. Other major deals worth more than $100 million featured companies like Greenko Energy, Hero Future Energies and CleanMax Solar.

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