By lending its support to develop 250 MW rooftop solar capacity in India, GCF says it is creating a sustainable bankable model in India and beyond, by enabling access to long-term and affordable financing. It signed the agreement with NABARD on the sidelines of COP24 in Katowice, Poland. (Photo Credit: NABARD)
- NABARD will get line of credit worth $100 million from the Green Climate Fund for rooftop solar installations of 250 MW in India
- Tata Cleantech Capital will be the executing entity for this project; it will receive GCF support through NABARD
- Rooftop solar installations of 250 MW capacity will be deployed for Indian commercial, industrial and residential housing sectors, including vulnerable communities
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The Green Climate Fund (GCF), operating entity of the financial mechanism of the UNFCCC, will lend $100 million to support construction of 250 MW of rooftop solar capacity in India. India’s National Bank for Agriculture and Rural Development (NABARD) will on-lend this money to the executing entity Tata Cleantech Capital Limited.
Total project investment is expected to be worth $250 million, with GCF providing $100 million.
The 250 MW rooftop PV capacity will be developed for commercial, industrial and residential housing sectors including vulnerable communities. GCF calls it a ‘pioneering private sector-driven initiative’ that will unlock private-sector investment in the rooftop solar market of India and pave the way toward a sustainable bankable model in India and beyond.
“It will do this by enabling access to long-term and affordable financing for the construction of 250 MW of rooftop solar capacity across India – along with an estimated reduction of emissions by 5.2 million tons of CO2 equivalent,” said Tony Clamp, Deputy Director of GCF’s Private Sector Facility.
Unlike utility-scale solar, rooftop solar has been a non-starter in India. The country’s national solar target for 2022 is 100 GW, of which 40 GW should come from rooftop solar, but official figures show aggregate installed capacity in this segment as of July 2018 was only 1.22 GW.
GCF signed an agreement to this effect with NABARD on the sidelines of COP24 in Katowice, Poland.