France eager to invest in India’s renewable energy sector

Expands relationship in conventional energy.

The Ambassador of France to India Francois Richier said his country is especially keen on partnering with Indian companies in solar energy. He noted France will also consider financial instruments to encourage solar energy. The move into solar energy in partnership with India is an extension of the countries’ relationship in conventional energy such as thermal and nuclear energy. French companies have invested over US$18 billion in India, an amount about equal to that of their investments in China. Over a third of France’s Indian investments have gone to the state of Tamil Nadu. Tamil Nadu has a dedicated solar energy policy to encourage the development of renewable energy. It is India’s leader in clean energy and has over 7,930 MW of renewable energy capacity including wind and biomass. Tamil Nadu is targeting 3,000 MW in solar power projects over the next three years. The state utility has tied up power purchase agreements for 698 MW of solar power.