New Delhi: The government has given its nod to the Ministry of New and Renewable Energy's proposal to set up 12,000 MW grid-connected solar photovoltaic (PV) power projects in the next four years, with an estimated viability gap funding (VGF) of Rs 8,580 crore. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
The implementation of the 12,000-MW or more capacity of grid-connected solar power projects, which will be set up in a four-year period (2019-20 to 2022-23) will create an investment of about Rs 48,000 crores, as per the terms and conditions specified in the government producer scheme, said an official release.
"The scheme will mandate the use of both solar photovoltaic (SPV) cells and modules manufactured domestically as per specifications and testing requirements fixed by MNRE (Ministry of New and Renewable Energy)," the release said.
"The scheme will also help in giving a push to 'Make-in-lndia' by encouraging government producers to procure solar cells and modules from domestic manufacturers. It will create sufficient demand for domestically produced solar PV cells and modules for next 3 to 4 years," it said.
The project will also provide direct employment to close to 60,000 individuals for around one year in pre-commissioning activities and construction phase, and around 18,000 persons for about 25 years in the operation and maintenance period.