Indian solar energy to get $1 bn from World Bank

The World Bank Group signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries, led by India. It has committed to provide $1 billion support to Indian solar energy projects.

The World Bank-supported projects include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states. The cumulative investment in solar would be the World Bank’s largest financing in this sector for any country.

ISA was launched at the UN Climate Change Conference in Paris at end-November last year, by Prime Minister Narendra Modi and French President François Hollande. Through ISA, India aims to collaborate with global agencies and mobilise around $1 trillion of investment in solar energy by 2030.

The agreement was signed for India by Arun Jaitley and Piyush Goyal, the minister of finance and coal, power & renewable energy, respectively, and World Bank Group President Jim Yong Kim.

“India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change,” said Jim Yong Kim. He hopes this agreement would spur a global movement.

The World Bank Group will develop a road map to mobilise financing for development and deployment of affordable solar energy, and work with other multilateral development banks and financial institutions to develop financing instruments in this regard.

The World Bank also signed an agreement to give close to $625 million for the Grid Connected Rooftop Solar Programme under the National Solar Mission. The project will finance the installation of around 400 megawatt of solar photovoltaic power projects. The development of a $200-million shared infrastructure for the Solar Parks Project under a public-private partnership model, is also under preparation, said the Bank.

Source:   hhttp://www.business-standard.com/article/economy-policy/indian-solar-energy-to-get-1-bn-from-world-bank-116063000413_1.html

France will partner India to build three ‘smart’ cities

France partners with IndiaFrance will help India develop Chandigarh, Nagpur and Puducherry as smart cities. Agence Française de Developpement (French Development Agency) signed memoranda of understanding with the government of Union territory of Chandigarh, and government of Union territory of Puducherry and the Maharashtra government here on Sunday in the presence of French President Francois Hollande and Prime Minister Narendra Modi.

Chandigarh, designed by the French architect Le Corbusier half a century ago as a model city, is spread across 114 sq km and the urban infrastructure and green belt of the city provide it a distinguished status among India’s planned cities.

On January 26, Modi is set to announce the official list of 20 smart cities to be developed in the first phase.

A delegation of 26 CEOs from France travelled to Chandigarh with Hollande and had discussions on CEO forums to explore partnerships in renewable energy, defence, information technology and aerospace.

Modi said French companies can exploit India’s trained and affordable manpower to expand their manufacturing operations in the country. The French president committed annual investment to the tune of €1 billion to strengthen business relations with India.

An agreement between Airbus and Mahindra was also inked under Indo-French cooperation to manufacture helicopters within the Make in India initiative.

French companies will also collaborate with public sector firm Engineering Projects India to provide integrated railways solutions. The railway stations of Ambala and Ludhiana will also be redeveloped with French partnership.

The French delegation evinced interest in the areas of renewable energy, infrastructure, transport, defence, and water treatment.

Source: http://www.business-standard.com/article/economy-policy/france-will-partner-india-to-build-three-smart-cities-116012500034_1.html