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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 FundWorld Bank to support Swachh Bharat Mission

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