India inks $100 mn solar loan agreement with World Bank


India has signed a loan agreement with World Bank for $100 million for shared infrastructure for solar parks project.

The solar project consists of two components viz. (i) Shared Infrastructure for Solar Parks (estimated total project cost of $100 million, including $75 million in IBRD loan and $23 million in CTF Loan) and (ii) Technical Assistance ($2 million in CTF Grant).

The objective of the solar project is to increase solar generation capacity through establishment of large-scale parks in the country. The solar project will help establish large-scale solar parks and support the India government’s plan to install 100 Gigawatts (GW) of solar power out of a total renewable-energy target of 175 GW by 2022.

Sameer Kumar Khare, joint secretary (MI) of Department of Economic Affairs, Hisham A Abdo, acting country director of World Bank India and KS Popli, chairman and managing director of India Renewable Energy Development Agency signed the agreement.