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India, Russia Sign Agreement For Solar Power Development

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Russia has become the latest company to join hands with India to help the latter achieve its massive solar power targets.

The Solar Energy Corporation of India (SECI) and Russian Energy Agency (REA) have recently signed a memorandum of understanding (MoU) to set up large scale solar photovoltaic (PV) projects in India between 2016 to 2022. 

Under the terms of the agreement, initially a 500 MW pilot solar PV project will be developed. Both agencies have agreed to devise a roadmap for the development of solar projects and establishment of equipment manufacturing facilities in India.

REA will offer its ‘state-of-the-art’ advanced technologies and low cost financing, while SECI will assist in securing relevant approvals and clearances for the development of solar projects and manufacturing facilities. A working group will be established to drive and plan the next steps forward.

This collaboration would help to boost India’s flagship ‘Make in India’ program which was launched last year with an aim to establish India as worldwide manufacturing hub. According to the Ministry, India currently has an installed manufacturing capacity of 1,386 MW of solar cells and 2,756 MW of solar modules. However, there is no facility in the country that manufactures polysilicon ingots and wafers.

The total solar power installed capacity in India has crossed 5 GW; including 4.7 GW of utility-scale solar and 525 MW of rooftop solar power capacity.


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Saurabh

An avid follower of latest developments in the Indian renewable energy sector.

Saurabh has 1037 posts and counting. See all posts by Saurabh