WB okays $625 mn for solar projects

New Delhi,SPECIAL CORRESPONDENT:The World Bank Board announced it had approved a loan worth $625 million for the government’s initiative for rooftop solar power generation.

SUN SHINE: The project will fund installation of about 400 MW of Grid Connected Rooftop Solar Photovoltaic.File Photo: S.James

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

“The project will finance the installation of at least 400 MW of Grid Connected Rooftop Solar Photovoltaic (GRPV) across India,” according to a statement from the World Bank.

“The project will also strengthen the capacity of key institutions, and support the development of the overall solar PV market.”

The project is to be implemented by the State Bank of India, which will on-lend the funds to solar photovoltaic developers and end-users.

“Despite energy shortages, and the high cost of backup supply, rooftop solar PV systems have not yet become widespread in India,” according to the World Bank.