India looking to create $1b solar fund

India’s central government is considering establishing a $1bn equity fund to support solar power projects in the country, according to a top official, Upendra Tripathy, from the Ministry of New and Renewable Energy (MNRE). The government hopes to get support for the initiative from the World Bank and similar international bodies. Regarding the policy of the World Bank and other global financial institutions, Tripathy, speaking at the Assocham Solar India Summit 2016, said that global financial institutions need to provide a clear road map for increasing the share of funding allocated for renewables from the current 5%, to at least 15%, for the next five years. 

April 15, 2016 03:07 am | Updated 03:07 am IST - NEW DELHI:

The government is looking to create a $1 billion equity fund for solar energy in the country and wants to tap global financial institutions like the World Bank, a top official of the Ministry of New and Renewable Energy said.

“We are thinking whether we can have a $1,000 million equity fund to help new companies to come up for solar to become a movement and to make a transit from megawatt to gigawatt,” Upendra Tripathy, Secretary, Ministry of New & Renewable Energy said while inaugurating the Assocham Solar India Summit 2016.

“The international bodies must give a roadmap. That is, they must tell how much money they will give during next five years. Today, World Bank gives five per cent of their money for renewable, we need at least 15 per cent and we need a roadmap from these bodies because they are the central controller of funds globally,” Mr. Tripathy said.