100 solar projects to be signed by April

India has set up a US$350 million solar development fund for financing projects, while YES Bank has committed US$5 billion to the sun-energy projects.

The fund was announced by Raj Kumar Singh, Minister of State for Power and New & Renewable Energy on 17 Jan 2018 at the ‘International Solar Alliance Forum’ of the Future World Energy Summit (WFES) 2018. YES Bank made the commitment at the same forum.

WFES is a signature event of a global initiative, Abu Dhabi Sustainability Week being held 17-18 Jan 2018.

Listing out India’s green plans, he said the Renewable Energy has become cheaper and is set to replace conventional energy, which is a healthy development.

He reiterated that India would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020.

Nine letters of intent and memorandum of understanding were signed for solar related projects with companies and bankers on 17 Jan 2018.

These signatories are: Vyonarc Development Ltd., Greenko Solar, Gensol Group and SOLARIG from Spain, Shakti Pump, Refex Energy, Amplus Solar, TATA Power, Jackson Solar and Zodiac Energy.

Upendra Tripathy, Interim Director General of International Solar Alliance (ISA), said that over 100 projects would be signed by April 2018 under ISA umbrella.

Among other developments, CLP and NTPC Limited have announced a partnership deal with ISA and committed to make voluntary contribution of US$1 million each to the fund corpus.

The International Energy Agency and GCF have also announced partnership with ISA.

The Paris Declaration establishes ISA as an alliance dedicated to the promotion of solar energy among its member countries. The ISA’s major objectives include global deployment of over 1,000GW of solar generation capacity and mobilisation of investment of over US$1 trillion into solar energy by 2030. fii-news.com