France To Aid India In Renewable Energy

<p><em>France is determined to invest in India’s renewable sector, reports<strong> Arshad Khan</strong></em><br><br><br>Ambassador of France to India, François Richier, has affirmed that France will help India to develop renewable energy for sustainable development. Richier said that French companies will produce 10 per cent of the 100 GW of solar energy under the Make-in-India Initiative.<br><br>“India has huge potential to generate electricity from renewable sources like solar and nuclear. France is very determined to invest in India’s renewable sector,” said the ambassador on Wednesday (July 8). He further said that there is a huge business opportunity for both French and Indian companies to tap the renewable sector.<br><br>The ambassador further said that France is ready to invest in research and technology to increase the efficiency of domestic solar and nuke plants. He said, “currently India’s nuke energy accounts for 3 per cent of its total electricity produced compared to France’s 75 per cent in the same. There is a huge potential for growth in the sector and the government of France will lend its full support to develop technological innovations.”<br><br>He added, “our main motive is to control the global temperature by 2 degree by the year 2020. This can only be achieved when nations all over the world agree to move from conventional source of energy to renewable source. India is this regard has a very important role to play as it the fastest emerging nation of the world.”&nbsp; Finance will be provided from the $10 billion green fund to encourage entrepreneur to invest in renewable energy.<br><br>Indian entrepreneurs present at the event welcomed the gestures made by the French authorities. Gaurav Sood, MD of Solairedirect said to BW| Businessworld, “the move may lower the current rate which is Rs 6.50 per unit and will boost the supply chain. The major problem we face is the availability of land to set up solar plants and the cost of finance which is relatively higher.”<br><br>Investors around the world are rushing to invest in India’s solar energy sector. A multi-billion dollar deal has been signed between three global giants, SoftBank, Bharti Enterprises and Foxconn. Collectively named SBG Cleantech, the three-way venture plans to invest $20 billion over 10 years. Earlier in March US-based First Solar Inc., Sun Edison and China’s Trina Solar Ltd planned to set up manufacturing facilities in India. Madhya Pradesh, Gujarat and Rajasthan have emerged as the top destination for Investment.</p>