SEENEWS | IVAN Shomkov —
India’s Union Cabinet approved a decision to boost the country’s cumulative solar capacity target five times to 100 GW by 2022, including 40 GW of rooftop installations.
A statement by the government says that roughly INR 6 trillion (USD 94.1bn/EUR 82.5bn) in investment will be needed to reach the new target. India may turn to bilateral and international donors as well as the Green Climate Fund for assistance in meeting the goal, it said.
The government will start with a INR-150.5-billion capital subsidy that will be provided for rooftop solar projects and projects with Viability Gap Funding (VGF). In addition, about INR 900 billion will be invested for the development of solar projects bundled with thermal power plants.
The prime minister is also urging various ministries to begin supporting interventions such as identifying land for solar projects, developing power transmission systems and installing solar module factories, among other.