Banks urged to lend for solar installations

The International Solar Alliance (ISA) is proposing to set up a US$300 billion fund for the global solar energy, said ISA Director General Upendra Tripathy.

“ISA is to bring out a tender for 500,000 solar pumps for farmers across the world,” he said at the ASSOCHAM International Conference – Solar India: Capacity Building & Skill Development on 27 July 2017.

“By 2030, ISA aim to bring US$1,000 billion investment into solar energy sector”.

ISA is set to give a big push to solar water pumps and India is expected to play a leadership role.

“ISA is also trying to persuade all multilateral banks to ensure 15% of this credit portfolio goes to the installation of solar energy”.

He also announced that ISA plans to come out with a global tender for price discovery of 500,000 solar pumps before December, aiming to bring down price of solar pump.

“ISA is to bring out a tender for 500,000 solar pumps for farmers across the world,” he said.

The current price of solar pump is about US$10,000 globally.

Tripathy also called for tax-based concessions and credit to biomass in India as it is with solar energy.

India needs to develop competitive PV module manufacturing capabilities, added S.C. Tripathi, Former Secretary, Ministry of Petroleum & Natural Gas.

By 2035 solar energy will be cheaper than any other form of energy. The energy consumers in India need several small 50 MW solar plants rather than a large 500 MW plants, according to Deepak Gupta, Former Secretary, Ministry of New and Renewable Energy. fii-news.com