Macro Economy

India announces $350 mn solar development fund

Our Bureau New Delhi | Updated on January 18, 2018

solar

The government is going to set up a $ 350 million fund for financing solar projects. This announcement was made by Minister of State (Independent Charge) for Power and Renewable Energy, Raj Kumar Singh during the Future World Energy Summit (WFES) 2018 in Abu Dhabi (UAE).

Singh was speaking at the International Solar Alliance (ISA) Forum. He said that the ISA shall help mobilize sufficient funds for solar energy projects.

Also speaking at the event, Interim Director General of ISA, Upendra Tripathy, said that over 100 projects shall be signed by April 2018 under ISA umbrella.

During the event, YES Bank committed to finance solar projects of over $5 billion. CLP and NTPC Limited also announced a partnership deal with ISA and committed to make voluntary contribution of $1 million each to ISA fund corpus.

Published on January 18, 2018

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