Agencies, New Delhi
Raj Kumar Singh, Minister of State for Power and New & Renewable Energy, said on Thursday that India has one of the fastest growing Renewable Energy programmes in the world and the country would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020.
He said that over the years the Renewable Energy has become cheaper and is set to replace conventional energy, which is a healthy development.
During a two day event ‘International Solar Alliance Forum’ from 17-18th January, 2018 hosted by International Solar Alliance (ISA) in Abu Dhabi the Minister said that that ISA shall help mobilise sufficient funds for solar energy projects. During his address, Mr Singh announced setting up of a 350 million dollar solar development fund by the Government of India for solar projects financing.
On receipt of 15 ratifications, the International Solar Alliance (ISA) Framework Agreement entered into force on the 6th December, 2017 thereby making ISA a de jure treaty based international intergovernmental organisation. So far 19 countries have ratified and 48 countries have signed the ISA Framework Agreement.
While formally opening the Ministerial session and welcoming the participants, Upendra Tripathy, Interim Director General of ISA said that ISA shall stand for translating ‘Action into Transaction’. He also informed that over 100 projects shall be signed by April 2018 under ISA umbrella.
He also thanked member countries and various stakeholders making ISA a reality in a short time. He further informed about and extended invitation for the 2nd RE-INVEST meet to be held in partnership with the Ministry of New and Renewable Energy, Government of India during 19-21th April, 2018.