India Plans To Set Up A $350 Million Solar Financing Fund

- Jan 22, 2018-

To meet its renewable energy target of 175 gigawatts by 2022, the government plans to build a $350 million fund to fund solar projects.Raj Kumar Singh, India's electricity minister, announced the announcement at the future world energy summit in ABU dhabi.Speaking at the international solar union (ISA) BBS, Singh also said India would meet ambitious renewable energy targets by 2020.

India will need at least $125 billion in fresh capital to increase its share of renewable electricity supply by 2022, Anand Kumar, secretary of the energy and renewable energy department, told Reuters.

India now has 60 gigawatts of renewable energy.To complete the bidding for the development and construction of 115 gigawatts of renewable energy plants by the end of the fiscal year 2019.At the end of 2017, the new energy and renewable energy department releases a clean energy roadmap that is expected to increase solar capacity by 77 gigawatts by 2020 through a series of auctions.