World Bank approves $100 Million to boost solar projects in India
Source : NewsBharati Date : 28-Jul-2017
New Delhi, July 28: World Bank financing of USD 100 Million for development of internal infrastructure of solar parks has been planned by Indian Renewable Energy Development Agency Ltd. (IREDA) under the aegis of Ministry of New and Renewable Energy.
The World Bank loan is proposed to flow to the interested Solar Power Park Developers (SPPDs) through IREDA. This was stated by Power Minister Piyush Goyal in a written reply to a question in the Lok Sabha Yesterday.
In addition, the World Bank is providing low cost financing to roof-top solar developers under a $625 million Programme for Results (PforR) to be routed through the State Bank of India.
These programmes will increase the availability of debt financing, de-risk commercial financial flows, and build capacity across the solar PV industry to significantly expand the programme of rooftop solar PV across India. The first 100 MW of solar rooftop financing under this loan has just been approved, the Minister added.
India is going big on its solar power. And not just on ultra-mega solar farms, but also on rooftop solar. A latest report from Bridget to India, estimates India's rooftop solar market is growing at 80 percent annually.