India gets $1 billion loan from World Bank for solar mission
The World Bank on Thursday announced $ 1 billion in support of India’s ambitious solar generation plans, its largest financing of solar projects for any country in the world.
The projects now under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to the market, and transmission lines for solar-rich States.
The commitment includes an agreement for a $ 625 million grid-connected rooftop solar programme for financing the installation of at least 40 megawatts of solar photovoltaic installations.
Prime Minister Narendra Modi and World Bank Group president Jim Yong Kim, who is on two-day trip to India, discussed the emphasis the multilateral institution is laying on accelerating India’s renewable energy push.
“We are doing all we can to support Prime Minister Modi’s personal commitment to renewable energy, especially in scaling up solar energy,” Dr. Kim said at a media briefing.
“India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change,” he said.
According to him, India had become a leader in implementing the promises made in Paris for COP21 and the efforts against global warming.
The World Bank Group president also signed an agreement to be the financial partner for the International Solar Alliance that aims to collaborate on increasing solar energy use around the world, with the goal of mobilising $1 trillion in investments by 2030.
The Alliance, consisting of 121 countries, is led by India.
Prime Minister Modi, in an official statement, expressed happiness at the World Bank’s continued support to India, especially in priority areas like Smart Cities, Ganga Rejuvenation, Skill Development, Swachh Bharat and Power for All.
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Source:Thehindu
