India To Provide $20 Million Concessional Funding to Suriname for Development of Solar
The solar project will address the power needs of 49 cluster villages in Suriname
India will partner with Suriname, a South American country, for cooperation in the field of renewable energy.
The President of India, Ram Nath Kovind, announced the upcoming partnership between the two countries at the National Assembly of Suriname.
“Earlier this year, India hosted the founding conference of International Solar Alliance (ISA) in New Delhi, and we are proud to have Suriname as a co-partner. This will allow us to collaborate on solar energy projects helpful to your people and this planet,” the President said.
Dési Bouterse, President of Suriname, also presented Instrument of Ratification on the Framework Agreement on the Establishment of the International Solar Alliance (ISA) to President Kovind.
India will support Suriname with $20 million of concessional funding to set up a solar project, according to news agency ANI. It will cater to the power needs of 49 cluster villages in Suriname.
In recent months, India has partnered with many countries across the globe in the field of renewable energy.
Recently, it signed an agreement with Peru, another South American Country, to work towards scientific and technical cooperation in new and renewable energy. The agreement extends to the exchange and training of scientific and technical staff, the sharing of technical and scientific information, and related activities.
India ratified the Paris Climate Accord in October 2016, setting a goal to generate 40 percent of its electricity from renewable energy sources.
According to preliminary estimates by the government, ₹166.55 trillion (~$2.5 trillion) is needed to reach its target of 40 percent electricity generation from renewables by 2030. These bilateral agreements will increase the inflow of cash and technology for the development of the renewable energy sector in India.
Image credit: By Digital Media Telangana Government [CC BY-SA 4.0], from Wikimedia Commons
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer