29 Jun KfW Development Bank to fund two floating solar projects in India
German-based KfW Development Bank has agreed to fund two floating solar projects in India as part of a study by the Ministry of New and Renewable Energy (MNRE).
The floating arrays will be positioned on bodies of water in the Meharashtra and Kerla, with an estimated investment of US$44 million.
The two projects are anticipated to have a combined capacity of 40MW.
“The KfW-funded floating solar park would be a showcase project that would demonstrate the technical viability of large solar projects,” said an MNRE senior official. “To begin with, at least 40 MW of floating solar capacity would be set up.”
The MNRE study will be undertaken by the National Institute of Solar Energy and the Renewable Energy College to try and determine what the potential for floating solar parks is within India.
KfW will issue low-interest loans with a total volume of $1.1 billion within the partnership.