New Delhi: The government will set up a $350 million solar development fund for financing solar projects, New and Renewable Energy and Power Minister Raj Kumar Singh said on Thursday. Over the years, the minister said, renewable energy has become cheaper and is set to replace conventional energy, which is a healthy development.
India has one of the fastest growing renewable energy programmes in the World and the country would achieve its target of 175 GW of installed renewable energy capacity well before 2020, he said. The minister said that International Solar Alliance (ISA) shall help mobilise sufficient funds for solar energy projects. On receipt of 15 ratifications, ISA Framework Agreement entered into force last month "thereby making ISA a de jure treaty based international intergovernmental organisation."