Modi Calls for Concessional, Less-risky Financing for Solar Projs

We have to increase the share of solar in energy mix, says PM Modi.

In a move to raise the share of solar power in the energy basket, provide cheaper electricity and cut carbon emissions, the Prime Minister Narendra Modi has called for the concessional financing and less-risky funds for solar projects.

While speaking at the founding conference of the International Solar Alliance (ISA), PM said, India will generate 175 gigawatts (GW) of electricity from renewable energy sources by 2022.

This would be more than double the present renewable energy capacity and would be enough to overtake renewable expansion in the European Union (EU) for the first time.

The Prime Minister, who is the chief architect of ISA that seeks to bring together 121 nations, presented 10 action points including making affordable solar technology available to all nations, raising the share of electricity generated from PV cells in the energy mix and framing regulations and standards to support the initiative.

He said better and cheaper solar technology should be easily available to all nations. “We have to increase the share of solar in energy mix,” he said.

Also, innovation has to be encouraged so as to provide solutions to different needs. “We have to provide concessional financing and less-risky funds for solar projects,” he said.

Regulatory aspects as well as standards have to be framed which will expedite adoption of solar solutions, Modi said, adding that consultancy support has to be development for putting up bankable solar projects in developing countries.

Stressing on inclusiveness, he said a vast network of centres of excellence has to be created.

Solar energy policy has to be looked at in totality for development so that it can contribute to achievement of sustainable development goals (SDGs), he said. “We have to strengthen ISA Secretariat and make it more professional.”

Modi called for rising above narrow private goals to make collective effort for the betterment of the mankind.

He said India has launched the “world’s biggest renewable energy programme with a target to generate 175 GW of electricity from renewable sources.”

Of these, 100 GW is to come from solar and 60 GW from wind. “Of the target for solar energy generation, we have already achieved 20 GW installed solar power,” he said.

India needs some USD 83 billion between FY2018 and FY2022 to meet its 175 GW target, according to industry estimates.

As a demonstration of India’s commitment to ISA, the prime minister said 500 training slots will be created for member countries and a solar technology mission will be started to lead R&D in the sector.

To supplement solar energy generation, India has distributed 28 crore LED bulbs in the last three years which have helped save USD 2 billion and 4 GW of electricity, PM Modi has said.

Source: PTI