Indian government backs multi-pronged approach to support solar sector

The Ministry of New and Renewable Energy is working on the creation of a Rs 10,000 crore (US$1.3 billion) alternative investment fund to provide payments to PV developers.

The MNRE Secretary also announced that now onwards the ministry shall conduct all its meetings on virtual platform as it increases efficiency, saves time and cost for all the participants.

Image: Max Hall for pv magazine

Share

From pv magazine India.

The Ministry of New and Renewable Energy (MNRE) aims to provide Rs 10,000 crore to renewable energy developers, as well as project-specific funding for manufacturers.

In addition, the ministry said that it aims to provide export incentives of up to 6-8% to support the solar sector. It added that it will introduce a basic customs duty of 15%, when applicable, in a staggered manner to avoid hurting the interests of developers.

MNRE Secretary Anand Kumar recently explained that the government wants to maximize the availability of cash for solar developers. Kumar, who spoke as part of a recent online dialogue organized by the PHD Chamber of Commerce and Industry, claimed that India’s renewable energy target of 175 GW by 2022 was still very much within reach, with only 15 GW more left to bid before the close of the year.

For the full story, please visit the pv magazine India website.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Batteries set to drive rapid solar growth
25 December 2024 Chemical battery storage, led by lithium, has made such significant strides in terms of cost, capacity and technology that batteries are now positione...