World Bank commits $1bn for India’s solar programme

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NEW DELHI, JUNE 30, 2016 – The World Bank has on Thursday announced it would lend India more than one billion dollars for expanding its solar energy programme.Indian Premier Narendra Modi, said in New Delhi that the World Bank President, Mr Jim Kim made the pronouncement, after discussing the importance of adequate climate change financing for developing countries like India.

He said that the lending was aimed at ramping up grid-connected solar power projects from around 20 gigawatts (GW) currently to 100 GW by 2022.

Modi said that the supported projects were to include “solar rooftop technology, infrastructure for solar parks and bringing innovative solar.

He said that it also includes hybrid technologies to market and transmission lines for solar-rich states.

The premier also added that the World Bank and India signed a pact for a 625-million-dollar loan to finance at least 400 MW of solar panels.

Modi said that it would also reduce greenhouse gas emissions by displacing thermal generation.

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