India sets up facility to develop solar energy projects

The Ministry of External Affairs (MEA) on Sunday said that India has set up a project preparation facility (PPF) to assist projects across countries that are seeking concessional funding under Lines of Credit (LoC). According to MEA officials, this facility will enable International Solar Alliance (ISA) partner countries in preparing project documentation by providing them consultancy support.

"The PPF would provide consultancy support on grant basis to requesting Governments for project formulation. It is a demand-responsive mechanism and a quick access facility to address priority needs of requesting governments," an official MEA release said.

Currently, 13 projects worth $143 million are financed under the line of credit provided by India. On Sunday, India also announced that it will be providing funding assistance for 27 proposed projects worth $1.4 billion.

The official release added that the request for pre-feasibility project studies and consultancy can be sought through Indian Missions and selection of consultancy firms would be done from among the firms that are empanelled by Exim Bank of India.

Prime Minister Modi held 25 bilateral meetings since Saturday and MEA officials said that the focus was on capacity building. "The focus was on renewable energy, climate change, solar technology and developmental co-operation and partnership. Some discussion also happened on how to take that forward," said TS Tirumurti, Secretary, Economic Relations, MEA.