Central government to set a $350 million fund under the International Solar Alliance

The central government is planning to set up a $350 million fund to finance solar projects in the country under the International Solar Alliance (ISA). Nine companies and banks have agreed to set up and finance these solar projects, including a $1 billion joint corpus of NTPC and CLP India to the ISA. Besides, YES Bank will mobilise $1 billion by 2023 and $5 billion by 2030 for financing solar energy projects under the ISA initiative. The move is in line with the government’s ambitious 175 GW renewable energy target by 2022.

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