India commits $1.4 billion for solar energy worldwide

The basics of International Solar Alliance

India commits $1.4 billion for solar energy worldwide

In all, the newly-awarded large-scale renewable energy projects are expected to provide enough clean electricity to power more than 430,000 homes and create over 3,000 short- and long-term jobs.

The new global organization aims to accelerate the deployment of solar energy in 121 sun-rich countries situated between the Tropics of Cancer and Capricorn.

"That's more than twice the capacity that the USA added across all energy sources in 2016, after subtracting retiring plants, and less than eight gigawatts of the total were solar", the magazine said.

During the past few months, Vectren has been working with Orion Renewable Power Resources LLC - a joint venture between Orion Renewable Energy Group and MAP Renewable Energy - to select, secure and eventually develop the property, located in Troy, Ind.

In a major boost for its Light up and power Africa initiative, the African Development Bank has entered into partnership with the International Solar Alliance (ISA) to scale up solar energy in Africa.

"The International Solar Alliance has a well-articulated goal to facilitate the mobilisation of United States dollars 1 trillion of capital to rapidly accelerate the adoption of solar energy all over the world", said Upendra Tripathy, Interim Director-General of the International Solar Alliance.

"Orion wishes to thank the landowners, the Spencer County Council, and the Lincolnland Economic Development Corp. for their support of the project", notes Tim Lasocki, vice president of origination and finance for Orion.

Progress is clearly happening quickly: During 2017 alone, India doubled its installed solar capacity from 10 GW to 20 GW. 32 of the 60-member countries who have joined the alliance are from Africa.

The 26 projects are the awarded winners of the Governor's Clean Energy Standard mandate and include 22 solar farms across the state, a hydroelectric project, and three wind farms worth 339.78 MW, 272 MW, and 121.8 MW respectively, the latter of which will be accompanied by 6.2 MW energy storage capacity.

"This signing is an important milestone for the Bank in its efforts to lead the continent's transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa".

India´s government also is considering a 70 percent tariff on solar imports to protect India´s solar manufacturers - something that is causing a lot of uncertainty as investors try to bring new solar projects into the country, Buckley said. India is today the top contributor to growth in energy demand, according to the International Energy Agency.

However, "India is very much wedded to the energy transformation".

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