The World Bank today announced plans to provide more than $1 billion to support India’s solar initiatives. An agreement to this effect was signed on Thursday when World Bank Group President Jim Yong Kim met Finance Minister Arun Jaitley and Power Minister Piyush Goyal here.
“The World Bank-supported projects under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states,” a statement from the World Bank said.
An agreement was signed for a $625-million grid-connected rooftop solar programme. The project will finance the installation of at least 400MW of solar photovoltaic installations that will provide clean, renewable energy and reduce greenhouse gas emissions by displacing thermal generation.
The World Bank Group will also collaborate with the 121-member International Solar Alliance, headquartered in India, with the aim of attracting $1 trillion in investments by 2030 to promote solar energy worldwide.
As part of the agreement with the ISA, the World Bank Group will develop a roadmap to mobilise financing for development and deployment of affordable solar energy, and also work with other multilateral development banks and financial institutions to develop financing instruments to support solar energy development.