New Development Bank sanctions US$250 million loan for India renewables

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The loan announcement is a boost to Narendra Modi's 100GW solar vision. Credit: Narednra Modi

The New Development Bank (NDB), China-led a multilateral development bank formed by the BRICS nations, has sanctioned a US$250 million loan for a renewable energy scheme in India, according to a senior government figure.

Shaktikanta Das, India’s secretary of economic affairs, took to Twitter to announce that NDB, formerly the BRICS Development Bank, had sanctioned four loans overall. Das had taken part in meetings with BRICS finance ministers and the NDB Board of Governors to discuss major policy issues.

The news will be welcomed by the solar sector in India, after it emerged this week that no developers of PV projects with sub-five rupee per unit tariffs have closed on financing to date.

AIIB US$500 million potential

Last month reports suggested that India is planning to raise a further US$500 million from another China-led institution, the Asian Infrastructure Investment Bank (AIIB), in order to fund solar power projects.

An AIIB spokesperson told PV Tech: “The AIIB is developing its project pipeline in a number of countries, including India, and it is expected that the first loan decisions will be taken later this year.”

However she was unable to comment on specific projects under evaluation

She added: “The AIIB is committed to being a ‘lean, green and clean’ institution and this is likely to include by providing support for renewable energy projects where such projects meet our standards.”

Read Next

May 11, 2021
Spain’s Solarpack was affected by pandemic-related project delays in Chile during a first quarter, in which it saw its net profit shrink 95% year-on-year to €300,000.
May 5, 2021
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.
April 30, 2021
Solar manufacturers that plan on setting up integrated, higher capacity plants in India will be given preference in the country’s new production-linked incentive (PLI) programme.
PV Tech Premium
April 8, 2021
After a challenging year, India’s solar sector stands primed for something of a rebound. But a host of familiar issues, from the perilous state of DISCOMs to regulatory uncertainty, run the risk of stymying future growth. Vinay Rustagi, managing director at consultancy Bridge to India, talks to PV Tech about the future prospects for Indian solar.
April 8, 2021
Tata Power Solar has expanded its PV manufacturing facility in Bengaluru, India, taking the total production capacity of modules and cells to 1.1GW.
April 1, 2021
Norwegian independent power producer Scatec is looking to collaborate with project developers in India as part of efforts to gain a foothold in the country’s burgeoning solar sector.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021