The country’s initiative of scaling up efforts to meet its electricity needs through solar has seen standalone rooftop installations to mega solar parks coming up in several regions. The mission of achieving security alongside ensuring sufficient power for all will ease the pressure of climate change and set an example for other countries of the world to imitate. With the recent World Bank’s commitment to lend $1 billion to India is a testimony to the state’s efforts and intent. The World Bank Group has further extended support by backing the India led International Solar Alliance which aims to promote solar usage globally. The scenario is so rosy for any solar energy company in India like never before.
Significant developments for every solar company in India
International Solar Alliance (ISA)- Lead jointly by France & India has managed to bring together 121 countries of the world. The objective of this alliance is to marshal a trillion dollar investment in the solar sector worldwide to encourage the use of this energy globally. The Alliance further aims to standardize solar technology and support research & development in this field. It will eventually bring down prices by escalating demand many folds. The logic is to bring the countries of the world together to co-operate and collaborate for solar installations of all magnitude and push the demand for solar technologies, ultimately leading to a steep drop in solar energy price. It will apparently be clean, green and curb climate change. Every solar energy company in India can take advantage of this leadership position of the country.
The World Bank- With a $ 630 million loan approval for the country’s Grid Based Solar Rooftop program which will usher a new era. Rapid promotion of solar panel installations across the nation on terraces turning the empty spaces into economically productive assets will be a significant advantage. Also, the additional funding from Climate Investment Funds will draw further cash into the nation’s solar ambitions. World Bank Group’s private arm namely the International Finance Corporation (IFC) is giving fund support to a solar power project in Madhya Pradesh, which will eventually be the world’s largest single location solar plant. It will have a capacity of 750 MW of electricity production. The World Bank’s backing of projects will ease the fundraising for the projects and raise institutional investor’s confidence. It is welcome news for every solar energy company in India.
Encouraging signals are there to be seen by everyone not only at the national level but internationally as well.
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