India to get $1 bn World Bank funding for solar projects

New Delhi, Jun 30 (PTI) The World Bank on Thursday committed USD 1 billion (about Rs 6,750 crore) to support solar energy programme in India, which is reducing dependence on conventional energy sources to reduce greenhouse gas emissions.

As per the pact signed between Power Minister Piyush Goyal and World Bank Group President Jim Yong Kim, the multilateral funding agency will provide more than USD 1 billion to support India’s ambitious solar initiatives through investments in generation.

“We have discussed renewable energy, especially rooftop solar projects. We discussed innovative financing models by which we can boost renewable energy sector,” Goyal said after the signing of the pact.

India has a target to generate 1 lakh MW power through solar energy by 2022 and is trying to attract investments from various sources.

The World Bank-supported projects in the works include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states.

The combined investments for India would be the Bank’s largest financing of solar for any country till date.

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