India's Solar Financing May Have Peaked For Now at $10B in 2017

IREDA & European Investment Bank sign Euro 150 million Loan Agreement for Renewable Energy Financing in India

The awarded projects-including 22 utility-scale solar farms, three wind farms and one hydroelectric project-are expected to create more than 3,000 short- and long-term jobs, generate enough clean energy to power more than 430,000 homes and reduce carbon emissions by more than 1.6 million metric tons, the equivalent of taking almost 340,000 cars off the road.

The ISA is the outcome of an idea Mr Modi presented at the United Nations Climate Change Conference in Paris in 2015 and envisages the involvement of 121 countries situated (fully or partially) between the Tropics of Cancer and Capricorn - essentially Earth's "sunbelt".

Both parties agreed to cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy, develop financing instruments to support solar energy deployment, and conduct studies and consultations to explore mobilization of concessional financing through trust funds or special funds administered by ADB. He said the member countries of the ISA would ensure distribution of finance and expertise. 32 of the 60-member countries who have joined the alliance are from Africa.

Find out about the 26 large-scale renewable energy projects here.

But India still gets about three-quarters of its power from coal, although that is expected to fall to below 50 percent by 2040, according to the International Energy Agency.


Reuters also reported in January that solar modules worth more than $150 million were stuck at various Indian ports due to a dispute over their classification and the import tax applicable to them.

Also there, were solar manufacturers, developers, financial institutions, innovators NGOs.

"This signing is an important milestone for the Bank in its efforts to lead the continent's transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa", said Amadou Hott, Vice President, Power, Energy, Climate and Green Growth at the African Development Bank.

"The lower forecast reflects a smaller pipeline of projects scheduled for commissioning in 2018", Mercom said. GCF funds will be used for enhancing the resilience and productivity of target crops, rehabilitating production and post-harvest infrastructure to climate resilient condition, and for reducing the carbon footprint along the value chains by promoting solar and bioenergy. "It´s coming straight from the Prime Minister, and the energy minister and the coal minister are very much onboard", he said. "It is India´s offering to the world".

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