CCEA approves VGF for 12,000 MW solar projects

The Cabinet Committee on Economic Affairs (CCEA) has approved the setting up of 12,000 MW of grid-connected solar photovoltaic (PV) power projects with an estimated viability gap funding (VGF) of Rs 85.80 billion. The proposal seeks to implement Phase-II of the Central Public Sector Undertaking (CPSU) scheme for setting up grid-connected solar PV projects by government producers with VGF support for self-use or for use by the government or government entities, both central and state. The projects will be set up in four years, i.e., from 2019-20 to 2022-23, thereby creating an investment of about Rs 480 billion.