The government’s principal clean energy financing agency, the Indian Renewable Energy Development Agency (IREDA) has signed a $100-million loan agreement to fund shared infrastructure for solar parks in the country.
An IREDA statement said, “IREDA, the World Bank and the Department of Economic Affairs have signed the International Bank for Reconstruction and Development (IBRD) loan agreement of $75 million, Clean Technology Fund loan agreement of $23 million and Clean Technology Grant Fund of $2 million to support lending by IREDA to the shared infrastructure for solar parks projects in India.”
The World Bank credit line should provide long-term funds, which will help lower the cost of the project and, thereby, the cost of generation of power and help the sector to achieve development of 20 GW through solar parks, of an overall target of 60 GW for ground-mounted solar, the statement added.