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Cabinet nod for subsidy to set up 5,000 MW solar projects


A union cabinet panel approved the setting up of over 5,000 MW of grid-connected solar photovoltaic (PV) power projects at an estimated outlay of Rs.30,000 crore. Installation of 5,000 MW solar PV plants will generate about 8,300 million units per year, which caters power to almost 2.5 million households. According to the statement, the estimated requirement of funds to provide VGF for 5,000 MW capacity solar projects is estimated to be Rs.5,050 crore. This includes handling charges to state-run Solar Energy Corp. at the rate of 1 percent of the total grant disposed and Rs.500 crore for the payment of security mechanism for the VGF schemes. Actual funding will be determined by reverse bidding.The government has set a target of achieving 1,00,000 MW grid-connected solar power by 2022.