Indian Govt. to Fund Solar Projects worth 5 GW
A funding of ₹5050 crore is going to be provided by the Indian Government for 5 GW grid connected solar PV projects till 2020. This means that there will be an investment of $4.4 billion and generation of 30,000 jobs.
The Indian Government has made an announcement regarding the installation of 5 GW grid connected solar PV projects on a build, own and operate basis through the Viability Gap Funding (VGF). This is under the Batch-IV of Phase II of the Jawaharlal Nehru National Solar Mission (JNNSM).
There will be a VGF of ₹5,050 crore, which will be offered through this programme. It will encompass FY 2015-2016 till 2019-2020. The funds are going to be distributed via Solar Energy Corporation of India (SECI) along with the preparation of essential bidding documents. Tenders are going to be state specific.
After a PPA is entered with the SECI, developers are going to have 13 months for commissioning their projects. The government is envisaging an investment of ₹30,000 crore and the creation of 30,000 jobs under this programme.