India inaugurates mega solar project

The basics of International Solar Alliance

India commits $1.4 billion for solar energy worldwide

The ISA is a treaty-based inter-governmental alliance of 121 sunshine-rich countries that lie fully or partially between the Tropics of Cancer and Capricorn. Its primary objective is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.

"India would have to build on average 35 gigawatts of renewable energy per year for the next five years".

The aim of ISA is to mobilize USA $1 trillion in funds for future solar generation, storage, and technology across the world.

The parties will mutually support the implementation of the NDB's and ISA's plans for solar energy development and deployment through technical assistance and knowledge transfer.

The Ministry had approved the setting up of four solar parks in Uttar Pradesh (UP) with a total capacity of 440 MW. The largest project acquisition deals included the $600 million acquisition of Hindustan Power Projects' 330 MW solar portfolio by the Macquarie Group and the $300 million acquisition of First Solar's 190 MW project portfolio by IDFC Alternatives. "We applaud the Government of India for its efforts to initiate and inaugurate this organisation, and to bring together its founding members this weekend", a State Department Spokesperson told PTI.

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The new inter-governmental organization dubbed the ISA is reportedly aiming to "mobilize $1 trillion in funds for future solar generation, storage, and technology across the world".

IN energy company Vectren Corp. has selected First Solar to build a 50 MW solar array outlined last month as part of Vectren's long-term electric generation transition plan.

At the launch event, Prime Minister Narendra Modi had announced his ambitious goal of building 175 gigawatts of renewable energy capacity by 2022, including 100 gigawatts of solar.

"All these projects are part of the Indian government's ambition to promote the development of renewable electricity and to increase the share of renewables in the energy mix", the French company explained.

Mercom said the lower forecast reflected "a smaller pipeline of projects scheduled for commissioning in 2018". India aims to help other countries embrace... The construction of the solar array will begin in mid to late 2019.

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