Gujarat to generate 3,000 MW solar power in five yrs
The Gujarat government aims to install 3,000 MW of solar power generation capacity in the next five years. It has set up a target of 1,000 MW of established solar power generation capacity by the end of 2012 and 3,000 MW by 2015. Applications to install 5,000 MW of solar power generation capacity are pending with the government. According to the International Finance Corporation, green energy’s contribution to the industry has increased from 10 per cent in the fiscal 1999-2000 to 70 per cent in 2009-10. Green Energy can help in minimising greenhouse gas emissions and maximising long-term development impact.
Asian Development Bank (ADB) was willing to fund the renewable energy (RE) projects in Gujarat. ADB has extended credit facility to RE projects to the extent of $1.5-$2 billion in each of the last four years, which includes equity financing for RE joint venture companies.