The Indian Ministry of New and Renewable Energy has unveiled a paper, in which it aims to increase the country's solar capacity and set up at least 50 solar parks with a capacity of 500 MW each by 2019-2020.
The project scheme is called "Development of Solar Parks and Ultra Mega Solar Projects" and is meant to increase the country's solar capacity in the years to come, taking advantage of cost-cuttings. Indeed, solar power costs in the country have fallen by 73% since 2010 and the government wishes to take advantage of the momentum.
The central government's Central Financial Assistance (CFA) could provide as much as Rs 8,100 crore (US$1.2 bn) for this purpose. The solar parks would be developed jointly by the SPDs (Solar Power Park Developer) with the government and its agencies. If this project scheme is implemented, India's solar installed capacity could reach 40,000 MW.
India's Power Minister called for an increase of renewable energy size in the country's power mix and aims to reach up to 60-65% of the whole capacity.
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