- India receives further support from World Bank Group, with the latter committing over $1 billion for the country’s solar program
- The World Bank Group will develop a roadmap to mobilize financing for development and deployment of affordable solar energy
- It will also work with other multilateral development banks and financial institutions to develop financing instruments for solar energy development
- The international bank also became a financial partner for India's International Solar Alliance
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The World Bank Group will provide more than $1 billion to support India’s solar power program. India is targeting a solar power capacity of 100 GW by 2022. The World Bank is already supporting projects in this space, which include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to the market and transmission lines for solar rich states.
The news came after Indian Prime Minister Narendra Modi met World Bank Group President Jim Yong Kim.
Additionally, now the World Bank has also become a financial partner for the International Solar Alliance (ISA).
All these solar investments put together make India the biggest solar client of the World Bank. Between 2015 and 2016, the World Bank lent around $4.8 billion to India.
An agreement was signed between Kim and the Indian Finance Minister Arun Jaitley and Minister for New and Renewable Energy, Piyush Goyal on June 30, 2016 at New Delhi. Kim stated, “Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy.”
According to the agreement, the World Bank Group will develop a roadmap to mobilize financing for development and deployment of affordable solar energy. It will also work with other multilateral development banks and financial institutions to develop financing instruments for solar energy development.
In May, the World Bank agreed to provide $625 million to support the development of 400 MW of solar PV rooftop installations (see World Bank Loan To India). Along with this, the development of a $200 million plan on Shared Infrastructure for
Solar Parks Project under a public private partnership model is also being prepared.
With this support coming from the World Bank Group, India will be able to increase financing, focus on introducing new technologies and build capacity for its massive solar power program.