Photo: MintNew Delhi: The government is shifting up gears for renewable energy promotion with a clutch of policy measures to be rolled out soon. New and renewable energy secretary Upendra Tripathy told reporters on the sidelines of the Renewable Energy India Expo in Greater Noida that the government is in the process of instituting a $400 million (over Rs.2,600 crore) fund sourced from World Bank that will be used to protect clean energy producers from payment delays by distribution firms. The government has set a target of achieving 40 gigawatts (GW) of rooftop solar power capacity by 2022, as part of an overall solar power target of 100 GW. “Within Asia, while China is slowing down, India will emerge as the bastion of growth for renewable energy,” Tsuchiya said. Tripathy said the fund will be administered either by the Indian Renewable Energy Development Agency or the Solar Energy Corp. of India.

Source: Mint September 07, 2016 22:30 UTC