March 18, 2018

ADB, ISA Commit to Promote Solar Energy in Asia and Pacific Region

14 March 2018, 10:56 | Anna Jefferson

India commits $1.4 billion for solar energy worldwide

India Extends $1.4 Billion Line Of Credit To Support 27 Solar Energy Projects In 15 Countries

Their adoption of solar energy is expected to help reduce the use of fossil fuels and combat climate change.

As part of the alliance, India will offer up to $1.4 billion in assistance to help with 27 solar projects in other countries, the prime minister said.

23 countries have taken part in an ISA consultation on their priorities in the fields of solar energy for agriculture and rural areas, solar mini-grids, rooftop installations and e-mobility.

Any duty would hurt big project developers in India such as SoftBank-backed SB Energy but would be good for local solar component makers such as Indosolar and Moser Baer, which have struggled to compete with Chinese companies such as Trina Solar and Yingli.

"Responsibly developing our energy resources on the Outer Continental Shelf in a safe and well-regulated way is important to our economy and energy security, and it provides billions of dollars to fund the conservation of our coastlines, public lands and parks", said Secretary Zinke at the time.

"This is an historic moment for NY as we make the largest purchasing commitment to renewable energy by a state in the history of our country", said Alicia Barton, NYSERDA President and CEO.

The Conference was co-chaired by Prime Minister Narendra Modi of India and President Emmanuel Macron of France.

The International Solar Alliance is a treaty based inter-governmental alliance of 121 sunshine-rich countries that lie fully or partially between the Tropics of Cancer and Capricorn.

Thirty-two (32) of the ISA's 60-member countries are from Africa. There are financial hurdles, regulations, capacity hurdles as well.

Reuters reported that France will commit 700 million euros to ISA, reiterating the European country's commitment to the alliance and clean energy.

Speaking at New York University last week, New York State Governor Andrew Cuomo - joined by former Vice President Al Gore - announced the single-largest commitment to renewable energy by any USA state, which is worth $1.4 billion, and approved 26 large-scale renewable energy projects across New York. "While solar is fast becoming one of the most cost-effective ways to generate new power and deliver energy access, to deploy fast enough, complementarity must exist between our work and the broader renewable energy mandate and development tools established by IRENA".

Mr Macron is heading to Mirzapur where he will inaugurate a 100 MW solar power project on Monday.

According to a report by Live Mint, the 75 MW solar plant is built at a cost of around Rs500 crore by French firm Engie at Dadar Kalan village on the hilly terrain of the Vindhyas range.

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