Hollande: France will allocate €300 million in the next 5 years on development of solar energy

NEW DELHI, January 25. /Corr. Eugene Carmalita/. France will allocate €300 million in the next five years on development of solar energy. This was stated by the President of France Francois Hollande during the ceremony of laying the first Foundation stone of the headquarters of the International solar Alliance (ISA).

“The French development Agency will allocate €300 million to the development of solar energy in the next five years in order to Fund the initial projects, – said Hollande. They should be started as soon as possible”, – he stressed. The French leader noted that “developing countries need technologies for the development and widespread distribution of solar energy, and that the first step and the first investment will serve as powerful impetuses for the development of solar energy in the lagging regions”.

With the initiative of creation of the ISA, the Prime Minister of India Narendra modi and French President Francois Hollande has made by 30 November last year at the UN conference on climate change in Paris.

The establishment of the Alliance was supported by about 120 countries located between the tropics of Cancer and Capricorn – in the most illuminated zone of the earth called the tropics. Located at 23.5 degrees North and 23.5 degrees South of the equator, this area gets the most solar radiation and is ideal for placing panels.

“India has proposed to create a staff – said Hollande. – The first meeting was held in Abu Dhabi a few days ago. The Alliance should start work without delay in order to achieve tangible results on the ground.”

According to the French President, ISA must act in three directions. You need to create a pool of countries with high potential in the field of solar energy production and to use the mass effect to reduce financing costs. You should also agree on the solar markets and open them to reduce the investment cost for users and, finally, to include the necessary technology transfers between developed and developing countries.

According to the plans of the Indian government, by 2030 up to 40% of the electricity generation in the country should come from renewable sources. By 2022 it is expected to increase the capacity of Indian SES to 100 GW.