How France Is Helping India Meet Its 100 GW Solar Target
During Modi’s recent visit to Paris, India and France signed a memorandum of understanding to expand cooperation in the fields of solar and other renewable energies.
The memorandum was signed between the Ministry of New and Renewable Energy and France’s Ministry of Ecology, Sustainable Development and Energy. France is eyeing major cooperation with India in the field of solar energy. So far, French firms are involved in the production of 10% of the solar electricity output in India.
A joint statement issued by the two countries read:
France welcomes the very ambitious objectives set by the Indian government in terms of energy access to all and the development of renewable energy. France is already supporting India’s efforts to secure its energy supply and develop its sources of renewable energy, including solar power. India welcomed the target set by French companies aimed at developing 8 to 10 GW of solar energy in India by 2020-2022. France is also willing to support other renewable sources in India, such as wind, biomass and hydropower.
The Indian government was in talks with the French Development Agency (Agence Française de Développement, or AFD) among others, to raise low-cost debt finance for both utility scale and rooftop solar power projects. President Hollande confirmed the target of AFD credit line of 1 billion euros over the next three years for sustainable infrastructure and urban development in India.