Grandiose plan: India needs to frame a realistic solar power policy

International Solar Alliance

International Solar Alliance

The agreements were signed in the presence of Arun Jaitley, Union Minister of Finance and Corporate Affairs and RK Singh, Minister of State for Power and New and Renewable Energy.

The ISA initiative was launched at the United Nations climate change conference in Paris in November 2015, by Prime Minister Narendra Modi and former French President Francois Hollande.

NY governor Andrew M Cuomo on Friday awarded contracts to 26 large-scale renewable energy projects totalling 1,383.09 MW, making the largest single investment in renewables by а USA state. The government says India will need to raise at least $125 billion to reach its goal of generating 175 GW of energy from all renewable sources in five years. For developing countries, solar energy represents a promising opportunity to become more energy independent. "In India, the sun was thought of as the nurturer of all life", Modi said at the launch of the International Solar Alliance (ISA).

The report noted that there were no corporate M&A deals in solar during 2017.

ISA plans to address that issue in part by creating a larger, global market for solar technology that would benefit smaller countries by aggregating the risk and the demand, Tripathy said. Now 32 countries are full members and another 61 are on their way to full membership.

The 26 projects are the awarded winners of the Governor's Clean Energy Standard mandate and include 22 solar farms across the state, a hydroelectric project, and three wind farms worth 339.78 MW, 272 MW, and 121.8 MW respectively, the latter of which will be accompanied by 6.2 MW energy storage capacity.

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

"The lower forecast reflects a smaller pipeline of projects scheduled for commissioning in 2018", Mercom said.

The declaration lays out areas of deeper cooperation between ISA and the Bank, including developing innovative financial instruments to reduce risks and costs associated with solar investments and to leverage climate financing and commercial co-financing and mobilizing concessional financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds.

As China´s economic growth slows, India´s is heating up, along with its energy demand.

However, "India is very much wedded to the energy transformation".

And "especially with the US leaving the Paris agreement, there´s a perceived void that some country needs to fill - and the International Solar Alliance is a clever way of signaling climate leadership", Chawla said.

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