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USAID declares $75 million loan for Indian solar

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RBL Bank and USAID recently announced a loan guarantee program worth $75 million to support off-grid and rooftop solar power projects in India.The program is also expected to cover energy efficiency projects pursued by small and medium-sized enterprises.

USAID, solar loan, India

A number of foreign entities, including development banks, have committed financial support to India’s rooftop solar power market.

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India plans to have an installed rooftop solar power capacity of 40 GW by March 2022. According to a recent report by the Bloomberg New Energy Finance, India would need an investment of &50 billion to achieve this target.

Earlier this year, the Ministry of New & Renewable Energy announced that the government managed to secure funding pledges from various multilateral and national development banks for its ambitious rooftop solar power program. The World Bank has committed $620 million, while the Asian Development Bank and BRICS New Development Bank have pledged to provide $500 million and $250 million, respectively. The German development bank KfW has provided $100 million, and negotiations for $1.14 billion worth of funding are underway, the ministry reported

By Baishakhi Dutta

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