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

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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.”

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