India approves funding for 5000MW solar power projects

The Indian cabinet has approved a plan to set up more than 5,000 megawatt (MW) of grid-connected solar power projects on a build, own and operate basis at an estimated funding of Rs 5,050 crore, a government statement said.

It said the projects, which will be rolled out over four fiscal years from 2015 to 2019, will help generate 30,000 jobs in rural and urban areas and reduce co2 emissions by 8.525 million tonnes.

“Installation of 5000 MW Solar PV plants will generate about 8,300 million units per year, which caters power to almost 2.5 million households, the statement said.

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