World Bank sanctions USD-625m loan for rooftop solar in India
May 16, 2016 16:38 CEST
May 16 – The World Bank Board on Friday approved a USD-625-million (EUR 552m) loan to support the installation of at least 400 MW of grid-connected rooftop solar photovoltaic (PV) systems in India.
The board also approved a co-financing loan of USD 120 million and a USD-5-million grant from Climate Investment Fund’s (CIF) Clean Technology Fund.
Funds will be on-lent by the State Bank of India (SBI) to solar PV developers, aggregators and end-users. They will mainly back investment in commercial and industrial rooftop PV systems, while investors will be given a number of options, including third-party ownership, leasing, rooftop rental, as well as direct end-user ownership.
“Today, the only available option for those who want to install solar PV is to pay the entire cost up-front. The variety of financing mechanisms on offer under this program will represent a major innovation for the rooftop market,” said Mohua Mukherjee, World Bank’s task team leader for the project.
The World Bank said its loan was designed to tackle the barriers to the widespread adoption of rooftop solar in India. In spite of the country’s energy shortages, rooftop solar capacity remains low and one of the reason for this is the lack of adequate financing, according to the announcement.
(USD 1.0 = EUR 0.883)
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