World Bank to provide $1 bn for India solar projects

The World Bank is planning to finance more than $1bn to fund the development of solar energy projects in India.

The Indian government and the World Bank signed another agreement on Thursday for the $625 million Grid Connected Rooftop Solar Program.

Kim assured of the World Bank’s proactive support towards the agenda of climate change financing to countries like India, which are consciously choosing to follow an environmentally sustainable path.

The Interim Administrative Cell of the International Solar Alliance (ISA Cell) and the World Bank today declared their intention to promote solar energy globally.

The World Bank loan is the global lender’s biggest solar aid for any country and comes as India has set a goal of raising its solar capacity almost 30 times to 100 gigawatts by 2020 and is attracting mega investment proposals from top companies and institutions. “They will continue to have an independent central bank governor, and the policies that have lead to good outcomes will continue”, Kim said in an interview to NDTV.

Dr Kim, who termed himself “a big fan of Mr Modi”, said the money would be invested in projects that include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states.

The multi-lateral lender announced $1 billion loan for expansion of solar power capacity in India.

He would review the progress of priority areas for the multilateral lending agency, including Smart Cities, Swachh Bharat Mission, Ganga rejuvenation, power for all and Skilling India.

In addition, the World Bank Group is to develop a roadmap to raise financing for both the development and deployment of affordable solar, and leverage support from other multilateral development banks and financiers to formulate instruments to support solar energy.

“The development of a $200 million Shared Infrastructure for Solar Parks Project under a public-private partnership model is also under preparation”, the statement said. The project will finance the installation of at least 400 MW of solar Photovoltaic (PV) installations. “India is the world’s fastest-growing economy and also home to 26 per cent of the global extreme poor”.