India Hikes Renewable Energy Budget Allocation To $2.1 Billion

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The Indian Government seems ready to implement the ambitious renewable energy capacity addition targets it announced last year.

The Ministry of Finance recently announced a significant increase in the budget allocation for the Ministry of New and Renewable Energy. The Finance Ministry allocated Rs 3,661 crore (US$546 million) to the Ministry of New and Renewable Energy in FY2015-16. Against the budgetary allocation, MNRE is expected to receive Rs 5,677 crore (US$847 million).

The budgetary allocation for FY2016-17 is Rs 14,193 crore (US$2.1 billion). According to media reports, at least Rs 5,000 crore (US$746 million) will come from the National Clean Energy Fund (now renamed to National Clean Environment Fund).

The sharp increase in budget is likely to be aimed at adding huge solar power capacity. The Solar Energy Corporation of India, which operates under the aegis of the MNRE, is set to launch massive solar power tenders this year. These tenders shall include those based on the viability gap funding mode wherein project developers shall receive capital cost support from the government.

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