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

The World Bank’s Board has approved  $625 million

Motive:

• To support India’s grid connected rooftop solar programme to generate clean energy.
• To strengthen the capacity of key institutions
• To support the development of the overall solar PV market.

Pacts signed:

• Approved a co­financing loan of $120 million on concessional terms
• $5 million grant from Climate Investment Fund’s (CIF) Clean Technology Fund

World Bank  statement:

The installation of minimum 400 MW of grid connected rooftop solar photo voltaic
( GRPV ) across India financially.

Advantages of Photovoltaic Cell:

1. Provides clean energy
2. Renewable energy
3. Reduce GHG emissions by displacing thermal generation
4. State Bank of India ,will lends funds to solar PV developers and end­users.

Onno Ruhl, World Bank Country Director in India statement:

India is provided with huge solar energy potential under the guidance and utilization of Government

• To equip 40 GW of solar PV which will be placed on rooftops.
• Actions are taken to increase India’s solar PV capacity to 100 GW
• The demand for rooftop solar is estimated at about 124,000 MW
• The loan, from the International Bank for Reconstruction and Development (IBRD), has a 19.5 year grace period, and a maturity of 20 years
• Loan from CIF’s Clean Technology Fund, has a 10 year grace period, and a maturity of 40 years