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. India is the largest client of the World Bank, which lent it around $4.8 billion between 2015 and 2016.
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.
It also signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use across the world, with a goal of mobilizing $1 trillion in investments by 2030.
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.
The pact, which was signed in the presence of Finance minister Arun Jaitley, Power minister Piyush Goyal and visiting World Bank Group president Jim Yong Kim, establishes the multilateral lending agency as the financial partner for ISA.
The World Bank also announced that it plans to provide more than $1 billion to support India’s ambitious solar initiatives through investments in generation, a World Bank statement said.
“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.
As part of the pact, the Bank Group will develop a road map to mobilize financing for development and deployment of affordable solar energy, and work with other multilateral development banks and financial institutions to support solar energy development.
The two leaders also discussed how the World Bank can help the government in its efforts to improve the nutrition of all children, which, Dr. Kim said, was the best investment possible for India’s future.