India's SECI and Russia's REA have signed up a memorandum of understanding for expanding solar Industry in India.
As per the MoU,both the parties have agreed to setup large scale solar pv plants during the the years 2016-2022. As a first stage pilot project of capacity upto 500MW will be developed.
The parties have proposed to collaborate and cooperate on the basic parameters of project implementation in order to achieve competitive solar tariffs, and have agreed to devise a road-map for development of solar projects and manufacturing facilities
While REA would be bringing in state-of-the-art technologies, low-cost financing for the projects, SECI would assist in obtaining the required Government clearances and approvals.
The MoU was signed by Mr. A. V. Tikhonov, Director General (REA), and Dr. Ashvini Kumar, MD (SECI) in the presence of senior-level officials on 24-12-2015
This MoU , being in-line with the Government of India’s plans for massive scale-up of solar power projects and rationalisation of solar power tariffs, would also give a boost to the ‘Make in India’ campaign.