World Bank to Lend $1 Bn for Setting Up Solar Projects in India

India and the World Bank have signed an agreement to set up a $625 million Grid Connected Rooftop Solar Programme.

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The World Bank is already supporting Madhya Pradesh in setting up a 750-mw ultra-mega solar power project in Rewa. (Photo: iStockphoto)

World Bank on Thursday announced that it has given the nod for funding support of $1 billion for expansion of India’s ambitious solar initiatives through investments in generation.

It also announced signing an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use across the world, with a goal of mobilising $1 trillion in investments by 2030.

The World Bank-supported projects in the works include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states.

These combined investments for India would be the Bank’s largest financing of solar projects for any country till date.

The central government and the World Bank have also signed an agreement for the $625 million Grid Connected Rooftop Solar Programme, which will finance at least 400 MW of solar photovoltaic installations.

The International Finance Corporation (IFC), World Bank’s private sector arm, was one of the earliest financiers of wind and solar projects in India. It is supporting Madhya Pradesh to set up a 750-MW Rewa ultra-mega solar power project, billed as the largest single-site solar unit in the world.

(With PTI Inputs)

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