India plans to fund $158 million for 1GW solar projects

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Friday, December 26, 2014: India will reportedly fund as much as 10 billion rupees ($158 million) to different state-run companies for developing 1GW of grid connected , solar PV power projects during the next three years. However, as per the government statement to avail this funding, the companies are bound to use PV cells and modules made in India.

The government will give away with statutory clearance for all the projects located in ‘remote areas’ where land is ‘inexpensive’. India which has already installed 3GW of solar power aims to reach 22 GW by 2022 under its Jawaharlal Nehru National Solar Mission. State run companies like NTPC Ltd. (NTPC), National Hydroelectric Power Corp Ltd. (NHPC) and the Indian Railways plan to set up solar power projects.

In a related news, Coal India Ltd. (CIL), notably the largest fuel producer in India, has inked a memorandum of understanding (MoU) with Solar Energy Corporation India (SECI) to produce 1GW of solar PV plants across the country.