Russia and India launch solar power partnership
Russia and India have announced a new partnership to help achieve ambitious renewable energy targets.
The Solar Energy Corporation of India (SECI) and Russian Energy Agency (REA) signed a Memorandum of Understanding (MoU) to set up large scale solar photovoltaic projects in India from 2016 to 2022.
A 500 megawatt pilot solar PV project will initially be developed as part of the agreement.
The two agencies have agreed to implement a roadmap for the development of solar projects and equipment manufacturing facilities in India.
REA will contribute advanced technologies and low cost financing, with SECI securing approval and clearance for the development of the projects.
The plan is designed to boost India’s flagship ‘Make in India’ initiative that was launched in 2015 with the aim of establishing India as a global manufacturing hub.
India currently has an installed manufacturing capacity of 1,386 megawatts of solar cells and 2,756 megawatt of solar modules, according to the government.