'New energy equipment prices to fall further'

"Our per capita consumption of energy is about one 6th of Europe and one 12th of USA. Energy consumption is not going to double or triple but it will be over four times. That is how the rate of growth of energy consumption will be (in India," Singh said .

The minister said the prices of equipment would further come down with expansion of manufacturing of solar cells and modules as the world expands to use of solar energy.

He was of the view that fossil fuels will left behind not because those are bad for the world, but because it also makes sense economically to go in for solar or renewables. He said,"This is matter of worry for those who produce coal or oil. But, this (movement to shift to renewable) can not be stopped because it makes economic sense".

The efficiency of solar panels has already increased to 30 per cent and price will come down due increase in usage, the minister said.

On the occasion, Renewable Energy Secretary Anand Kumar said that out of the commitments of about Rs 4 lakh crore funding from finical institution, including public and private sector banks, during RE-INVEST 2015, around Rs 1.37 lakh crore has been disbursed. On the sidelines of the conference, he also told reporter that state-owned Indian Renewable Energy Development Agency Ltd (IREDA) will raise $300 million through Masala bonds this fiscal. The Prime Minister of India, President of France, and the Secretary General of United Nations are likely to grace the ISA Founding Ceremony.

"The founding ceremony will firmly establish the ISA and demonstrate our joint commitment to harness solar energy potential. All prospective member countries of the ISA have been invited to participate in these events," said an official statement.