German state-owned development bank KfW will help finance the deployment of at least 40 MW of floating photovoltaic (PV) arrays in two Indian states.
The funding will be used for the installation of two large floating solar farms in the states of Maharashtra and Kerala. The schemes are estimated to require an initial investment of about INR 3 billion.
The arrays will help demonstrate the technical viability of large-scale solar projects of this kind, the newspaper noted, citing an unnamed senior official from the local Ministry of New and Renewable Energy (MNRE). The industry body has already started conducting a study that will assess the potential for floating solar parks in India.