India Plans Five $5 Billion Green Energy Funds

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As part of its blueprint for energy security, the Modi government plans to fl oat fi ve funds of $5 billion each, targeted at promoting green energy sources. India’s ministry of new and renewable energy (MNRE) plans to get the help of state-owned and private sector fi nancial institutions such as Power Finance Corp. Ltd (PFC), Rural Electrifi cation Corp. Ltd (REC), Indian Renewable Energy Development Agency (IREDA), IFCI Ltd, SBI Capital Markets Ltd and ICICI Bank Ltd to create a corpus of $25 billion.

The fund is to facilitate revised targets for achieving 20,000 megawatts (MW) capacity by 2022 to 100,000 MW. In addition the government plans to have 60,000 MW of wind power capacity by then, requiring an overall investment of around Rs.10 trillion in the renewable energy sector.

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