Connect with us

Hi, what are you looking for?

CleanTechnica
Make in India logo with a backdrop of solar panels (Source)

Clean Power

World Bank Approves $1 Billion For India’s Solar Power Program

India’s ambitious solar power program has received another major boost from the World Bank.

The World Bank recently announced funding worth $1 billion for grid-connected and utility-scale solar power projects. The Bank has tied up with India’s largest bank — State Bank of India — for dispersal of the funds, which are targeted at rooftop solar power projects.

The World Bank Board approved a loan of $625 million and an additional loan of $120 million at concessional rates. A $5 million grant was also announced by Climate Investment Fund’s (CIF) Clean Technology Fund.

This funding is expected to support the installation of 400 MW of rooftop solar power projects, an extremely small part (1%) of the 40 GW of installed rooftop solar power capacity targeted by March 2022.

The World Bank earlier issued a loan of $500 million for developing infrastructure to support rooftop solar power systems. Other development banks — including KfW, the Asian Development Bank, and the New Development Bank — are also supporting India’s rooftop solar power program.

Additionally, the World Bank signed an agreement with the International Solar Alliance (ISA) that aims to mobilize $1 trillion in global solar power investments by 2030. The World Bank shall serve as the financial partner to ISA.

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

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

Written By

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

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

Advertisement

Advertisement

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Clean Power

IEEFA says building new coal fired plants in India is bad economics.

Batteries

NREL Performed a First-of-Its-Kind Assessment of Opportunities for Grid-Scale Energy Storage in South Asia Over the Next Three Decades

Clean Power

Engie crossed the 1 gigawatt of installed solar power capacity milestone in India after commissioning a 200-megawatt project. According to media reports, a subsidiary...

Clean Power

Just ahead of its 75th independence day, India achieved a major milestone in its power sector — 100 gigawatts of installed renewable energy. On...

Copyright © 2021 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.