India aims to be global superpower of renewable energy, but faces funding shortage

MODHERA, India : Those living in India ’s first solar-powered village rely on the sun for almost all their electricity, with rooftop panels and a solar plant providing round-the-clock power to 6,500 residents.

“Now, electricity is available for free 24/7, and people can use their fans and enjoy cold water from the fridge.” With costly fossil fuel imports expanding the country's trade deficit, developing renewable energy has become even more important for India. Ms Shailendra Singh Rao, founder and managing director of climate change mitigation and business service provider Creduce, said: “There has to be capital push from the government in terms of the loans, the capital addition and loans provided by the banks at the lower rates.

Efforts are underway to accelerate the pace of India's renewable energy expansion, amid growing energy needs.In February, Mr Modi said the country's energy demand will double by 2045. That same month, India's power ministry announced that new coal-fired power plants with a combined capacity of 13.9 gigawatts will start operating this year.

Source: Energy Industry News (energyindustrynews.net)

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