RK Singh Announces $350 Million Fund to Finance Solar Projects

The Minister said that that ISA shall help mobilize sufficient funds for solar energy projects. “India has one of the fastest growing Renewable Energy programmes in the World and the country would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020,” Singh said.

RK Singh, Minister of State for Power and New & Renewable Energy has announced setting up of a $350 million solar development fund to finance solar power projects.

Delivering the keynote address at the ministerial plenary session of the International Solar Alliance at Abu Dhabi, Singh congratulated ISA for organising the ISA Forum as its first overseas outreach activity.

The ISA hosted a two Day Event ‘International Solar Alliance Forum’ during 17-18th January, 2018 at the Future World Energy Summit (WFES) 2018. During the ISA event, an ISA Pavilion was also set up for dissemination of information about ISA and its activities and programmes.

The Minister said that that ISA shall help mobilize sufficient funds for solar energy projects. “India has one of the fastest growing Renewable Energy programmes in the World and the country would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020,” Singh said.

Upendra Tripathy, Interim Director General of ISA stated that ISA shall stand for translating ‘Action into Transaction’. He also informed that over 100 projects shall be signed by April 2018 under ISA umbrella.

The International Solar Alliance is a treaty based international inter-governmental alliance of 121 solar resource-rich countries or the sunshine countries lying fully or partially between the Tropics of Cancer and Capricorn.

As of now the ISA Framework Agreement has been signed by 48 countries, with 19 of them also depositing the instruments of ratification with the Ministry of External Affairs, Government of India.