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