Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

India Set To Propose World Solar Bank & Mobilize $50 Billion In Solar Funding

In its ongoing efforts to strengthen international solar diplomacy, India is set to launch a major funding initiative. India’s Ministry for New and Renewable Energy is likely to propose to the government to set up a World Solar Bank. The bank is likely to help member countries of the International Solar Alliance to access affordable funding for solar power projects.

In its ongoing efforts to strengthen international solar diplomacy, India is set to launch a major funding initiative.

Image: Carolyn Fortuna

According to media reports, India’s Ministry for New and Renewable Energy is likely to propose to the government to set up a World Solar Bank. The bank is likely to help member countries of the International Solar Alliance to access affordable funding for solar power projects.

The MNRE may propose that the World Solar Bank disburse $50 billion over the first ten years. The bank will require $10 billion in equity capital and $2 billion in paid-up capital. Upon receiving the first $6 billion of this funding the bank will be able to start its operations.

The timing of this proposal is crucial. China has taken the lead in setting up the Asian Infrastructure Investment Bank and New Development Bank. With increasing border tensions with China, India is looking to counter its neighbor’s international clout. The move is also in-sync with a growing trend of countries acting against China on multiple fronts.

The World Solar Bank will be the third major global initiative by India with respect to solar power. First being the International Solar Alliance, which aims to mobilize $1 trillion to set up 100 gigawatts of solar power capacity globally. Recently, the MNRE proposed to set up an intercontinental solar power grid spanning from southeast Asia to the Middle East and Africa.

There are other initiatives that India is spearheading under the ISA. India’s Energy Efficiency Services Limited has announced plans to issue a global tender to procure half a million solar-powered irrigation pumps to be installed across several ISA member countries.

These efforts are being seen by many as an answer to China’s One Belt One Road initiative.

 
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

New Podcast: Cruise Talks Autonomous Driving Tech, Regulations, & Auto Design

New Podcast: Battery Mineral Mining Policies & Regional Trends

Written By

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

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Batteries

Old(ish) Audi e-tron batteries are getting another life in India. In Uttar Pradesh, a German-Indian startup founded by Berlin-based Prodip Chatterjee, Nunam, has turned...

Clean Power

Tata Power is India’s largest integrated power utility, and it is putting more of its weight behind solar now — rooftop solar, no less....

Clean Transport

Mumbai railway stations will be getting EV charging stations as part of a new initiative to promote e-mobility in the Mumbai region. The program...

Clean Power

To ensure only quality equipment is used at solar power projects and, possibly, provide some protection to domestic manufacturers from a flood of Chinese...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.