Connect with us

Hi, what are you looking for?

CleanTechnica

Green Economy

India Secures $2.5 Billion Debt Funding For Rooftop Solar Power Projects

India has received a major funding boost from multilateral and international development banks for its ambitious rooftop solar power program.

The Ministry of New & Renewable Energy has announced that India’s rooftop solar power program is expected to receive low-cost debt funding worth $2.5 billion from several international development banks.

The World Bank has committed $620 million, while the Asian Development Bank and BRICS New Development Bank have pledged to provide $500 million and $250 million, respectively. The German development bank KfW has provided $100 million, and negotiations for $1.14 billion worth of funding are underway.

These funds will be made available to retail and commercial banks in India, including the State Bank of India, Punjab National Bank, and Canara Bank. Project developers will be able to secure loans from these Indian banks at low rates. 

India has set a target to have 100 GW of solar capacity operational by April 2022, including a target of 40 GW for rooftop solar power systems. Rooftop solar capacity represents just 10% of the 5 GW solar capacity currently operational in India. Increasing the capacity to 40 GW in about 6 years will be a gargantuan task.

The government has taken initiatives to boost the development of the sector. The Cabinet of Ministers recently approved a proposal that will increase the subsidy for rooftop solar power systems to $770 million by 2022, which is expected to be in addition to the debt funds raised from international development banks.

 
 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Biofuels

At the coal face of a conference that involved governmental figures, academics, logistics customers and OEMs, the detailed technical conversations are almost all about...

Cars

After a very slow start, the Indian battery-electric car market is starting to get exciting. BYD is expanding its presence in the country, shifting...

Cars

India’s electric 2-wheeler market has been booming over the last few years. However, the electric car sector has been pretty slow. India’s electric car...

Clean Power

Indian hydropower company SJVN has announced start of construction of a large solar power park in the northern state of Rajasthan.  On January 3rd,...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.