PM Narendra Modi calls for concessional, less-risky financing for solar projects

Speaking at the founding conference of the International Solar Alliance (ISA), Modi presented a 10-point action plan that includes making affordable solar technology available to all nations, raising the share of electricity generated from photovoltaic cells in the energy mix, framing regulations and standards, consultancy support for bankable solar projects and creating a network of centres for excellence.

For achieving the ISA target of over 1,000 GW of solar generation capacity and mobilisation of investment of over USD 1 trillion by 2030, Modi called for concessional financing and less-risky funds being made available for such projects.

India, he said, will generated 175 GW of electricity from renewable sources including 100 GW from solar.

ISA secretariat has to be strengthened and made professional, he said, adding that solar energy presents a permanent, affordable and reliable source for meeting energy needs of mankind.

As a demonstration of India's commitment to ISA, Modi said 500 training slots will be created for member countries and a solar technology mission will be started to lead R&D in the sector.

To supplement solar energy generation, India has distributed 28 crore LED bulbs in the last three years which have helped save USD 2 billion and 4 GW of electricity, the prime minister said.

ISA, headquartered in Gurgaon, is now a treaty-based inter-governmental organisation that was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries.