The World Bank’s Board has approved $625 million
- 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.
- 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:
- Provides clean energy
- Renewable energy
- Reduce GHG emissions by displacing thermal generation
- 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