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Cheaper finance to help boost solar sector, says report

According to reports, liberalised external commercial borrowing norms and making cheaper funds available, among other measures, will help in boosting the country’s solar energy sector, says a report.

Besides, having increased solar general capacity would help in bringing down the dependence on power from coal plants, according to the report prepared by Hindustan Power in association with PHD Chamber of Commerce.

The report has listed out various measures including availability of cheaper finance to boost the domestic solar sector.

Among other measures, liberal ECB norms for raising cheap finance, creation of green banks for cheaper funding and innovative financing mechanisms would help the sector, it said.

At present, the installed solar generation capacity is more than 2,200 MW.

“If we are to fasten the pace of growth of solar power in the country by setting aggressive solar targets of say 100 GWs in the next few years, we shall be able to able to displace 25,500 MW of coal based plant leading which is dependent on imported coal saving over Rs 2,77,032 crore for the exchequer,” it said.

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