India discusses intl financial support for 100-GW solar plan - report
Oct 3, 2014 - India is negotiating financial assistance from international funding agencies as it needs around USD 100 billion (EUR 79bn) in funds to add some 100 GW of solar capacity over the next 10 years.
The government is holding talks about potential funding with the World Bank and Germany’s state-owned development bank KfW, the Hindustan Times said yesterday, citing a senior government official. With the German lender, India is negotiating a soft loan of more than EUR 1 billion (USD 1.26bn), he has said. India is said to attempt to lure investors through a suitable policy for solar power development.
The government’s plan is to have 5 GW of installed solar capacity in 2014/15, doubled from the current 2.5 GW.
At the end of September, the Indian Renewable Energy Development Agency (IREDA) and the Export-Import Bank of the US signed a memorandum of understanding (MoU) that would provide the South Asian country with up to USD 1 billion in financing so it could advance its transition into a low-carbon and climate-resilient energy economy.