01 Jul The World Bank and India sign $1b solar deal
The World Bank Group and India have signed a deal for over US$1 billion to develop India’s solar power generation, increasing its current 7GW of installed solar capacity to 100GW by 2022.
The South Asian country has the potential to produce a large amount of solar and it has recently increased its installed capacity up from 20MW in 2011.
According to the World Bank, the deal is its largest financing for solar projects in any country to date.
The projects include solar rooftop technology, infrastructure for solar parks, solar and hybrid technologies and transmission lines for solar-rich states.
India’s Grid Connected Rooftop Solar Program will receive $625 million. “The project will finance the installation of at least 400 MW of solar photovoltaic installations that will provide clean, renewable energy, and reduce greenhouse gas emissions by displacing thermal generation,” said the World Bank.
An additional $200 million will be used to develop a Shared Infrastructure for Solar Parks Project under a public-private joint-model.
India is the world’s largest borrower from the World Bank, borrowing $4.8 billion between 2015 and 2016. The total lending is close to $32 billion.