India will set up a $350 million fund to finance solar projects, Power Minister R.K. Singh said, as the country steps up efforts to achieve its ambitious target of adding 175 gigawatts (GW) in renewableenergy by 2022.
India will need at least $125 billion to fund a plan to increase the share of renewable power supply in the country’s grid by 2022, underlining the immense financing challenge ahead.
The country, which receives twice as much sunshine as European nations, wants to make solar central to its renewable expansion. It expects renewable energy to make up 40 percent of installed power capacity by 2030, compared with 18.2 percent at the end of 2017.
“The country would achieve its target of 175 GW of installed renewable energy capacity well before 2020,” Singh said on Wednesday at an event organised by the International Solar Alliance (ISA) in Abu Dhabi. Read More…
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