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AIIB Invests US$65 Million In Hero Future’s 250 MW Solar Project

India will require an investment worth US$500-700 billion in renewable energy and associated grid integration and expansion over the coming decade in order to meet its renewable energy targets

December 23, 2019. By Hemant Arora

Asian Infrastructure Investment Bank has declared that it is investing US$65 million in a 250 MW grid-connected solar power project by Indian developer Hero Future Energies, as per the sources. The project is situated in Rajasthan and will be developed by special purpose vehicle Clean Solar Power of Hero Future Energies.

According to the bank’s Director General Pang Yee Ean, “We should be consistently doing wind and solar projects up to US$ 100 million each year… I would say each year there would be a USD 100 million in the private sector for renewable projects in India.”

As per the Institute for Energy Economics and Financial Analysis report, “India will require an investment worth US$500-700 billion in renewable energy and associated grid integration and expansion over the coming decade in order to meet its renewable energy targets.” The government is paving the way for increased investment by putting in the right policy framework with announcements like payment security mechanism enhancements and removing the priority lending limit, as per the report.

“The world is looking to invest in India’s renewable energy sector. The country has a clear ambition to transition to a cheaper lower emission electricity system, and that ambition is attracting healthy global investment,” according to the Author Tim Buckley, Director of Energy Finance.

“Global capital flows will into India will accelerate as long as the Indian government provides a clear policy framework and puts in place measures to lower risks and protect investor confidence,” he further adds.

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