AIIB okays $65 mn for Hero Future Energies solar power project
AIIB has so far invested almost $3 billion in varied sectors in India
The Asian Infrastructure Investment Bank (AIIB) has agreed to invest $65 million in 250 MW grid-connected solar power project by Hero Future Energies.
The project located in Jodhpur district of Rajasthan is being developed by Hero Future Energies’ special purpose vehicle Clean Solar Power (Jodhpur).
The solar project, located approximately 10 km south of the Bhadla Solar Park, is spread across three villages, namely, Dedasari, Khakori and Durjani, and will result in clean energy generation of 616 MWh in 2022.
AIIB has so far invested almost $3 billion in varied sectors in India, and recently announced intentions of investments worth $100 million a year in the nation’s private sector for solar and wind projects. India will require an investment worth $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 huge investment opportunity arises as the country’s Central Electricity Authority is now targeting an ambitious renewable energy target of 523 GW by 2030. The Central government is set to reach 144 GW renewable energy by the end of FY21/22.