July 26, 2010: India will generate 1,000 MW of solar power by the year 2013, with financial assistance from Power Finance Corp and Rural Electrification Corp. under the government's Jawaharlal Nehru National Solar Mission. "We would be able to generate 500 MW of solar-thermal power and another 500 MW from photovoltaic cells in the next three years," Power Minister Sushilkumar Shinde and Renewable Energy Minister Farooq Abdullah said at a joint press conference today. The Ministry of Power and Ministry of New and Renewable Energy today unveiled the guidelines for selection of New Grid Connected Solar Power Projects. "PFC and REC would finance some of these projects," Shinde said, adding that Indian Renewable Energy Development Agency (IREDA) will also fund these projects. As per the guidelines the projects should be of 5 MW or more in case they use solar photovoltaic cells in order to connect to the transmission company's substations. NTPC Vidyut Vyapar Nigam (NVVN) is the nodal agency for sale and purchase of power under the solar mission. The country currently produces less than 5 MW of solar power every year. Source: The Economic Times