World Bank to provide US$100 million financing for Indian solar parks

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Indian solar.

India’s government has signed a $98 million loan agreement and US$2 million grant agreement with the World Bank to support Indian solar parks.

The Indian Renewable Energy Development Agency (IREDA) will be financed by the Shared Infrastructure for Solar Parks Project to provide sub-loans to select states to invest in various solar parks.

The first two solar park projects are located in the state o Madhya Pradesh with a joint capacity of 1GW (750MW in Rewa and 250MW at Mandsaur).

Further potential solar parks to be supported are located are in Odisha, Chhattisgarh and Haryana.

Sameer Kumar Khare, joint secretary, department of economic affairs, signed the agreement on behalf of the government of India with Hisham Abdo from World Bank and K S Popli, Chairman and managing director of IREDA.

Kumar Khare said: “This project will help establish large-scale solar parks and support the government’s plan to install 100GW of solar power out of a total renewable-energy target of 175 GW by 2022,”

An estimated 300 million people in India are not connected to the grid, in spite of already having 331GW of installed capacity.

Hisham Abdo, acting country director, World Bank India, said “India’s goal of scaling up the provision of clean energy will require a vibrant market for solar investments.” 

“The challenge for this project is to go beyond investments; it is to deepen the solar market,” he added.

The project is one solar power initiative in a series of engagements between the Government of India and World Bank.

Read Next

June 21, 2021
‘Solar Module Super League’ (SMSL) members JinkoSolar and JA Solar are to invest in polysilicon provider Xinte Energy’s 100,000 ton facility in Inner Mongolia, receiving priority access to the polysilicon produced as a result.
June 21, 2021
Retail giant IKEA and the Rockefeller Foundation have today announced the creation of a US$1 billion initiative to catalyse investments in distributed renewable energy (DRE).
June 18, 2021
UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) has signed an agreement to invest in a 250MW solar plant in Rajasthan, India
June 16, 2021
A round-up of the latest stories from the US solar market, featuring news of Sunnova’s latest securitisation, Ameresco’s installation of solar at a US Air Force Base and Extensible Energy’s latest capital investment.
June 16, 2021
EQT infrastructure has announced a takeover bid for Solarpack, which owns approximately 450MW of operational solar PV projects.
June 16, 2021
Azure Power Global saw its cost of deploying solar fall by nearly 19% last year, but the company still recorded a net loss of US$38.1 million in the quarter ending 31 March 2021 despite a year-on-year increase in revenue.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021