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Monday, 16 May 2016

World Bank approves $625-million aid for India's solar programme

NEW DELHI: The World Bank's Board has approved $625 million loan to support India's grid connected rooftop solar programme to generate clean energy. 

The Board also approved a co-financing loan of $120 million on concessional terms and a $5 million grant from Climate Investment Fund's (CIF) Clean Technology Fund. 

"The project will finance the installation of at least 400 MW of grid connected rooftop solar photovoltaic ( GRPV ) across India," the World Bank said in a statement. 

These solar PV installations, it said, will provide clean, renewable energy, and reduce GHG emissions by displacing thermal generation 
It will be implemented by the State Bank of IndiaBSE -0.90 % , which will on-lend funds to solar PV developers/ aggregators and end-users, who wish to Invest in mainly commercial and industrial rooftop PV systems. 

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