World bank to provide $1 billion for India’s solar energy projects

The World Bank has offered $1 bn to India’s solar energy projects. This is the largest amount to be given by the international development agency to a member country for financing solar energy projects.

An agreement was signed between the visiting World Bank Group President Jim Yong Kim’s and Finance Minister Arun Jaitely and Power Minister Piyush Goyal in New Delhi about the World Bank supported solar energy initiatives.

India aims to add 100 GW energy from solar projects by 2022. An international initiative to utilize the potentials of solar energy was made by the country and it hosts the Head Quarters of International Solar Alliance at Gurgaon.

The World Bank aid will be used for setting various infrastructure facilities for solar projects. “The World Bank supported projects under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar rich states.” – the World Bank statement said about the project.

An important component of the project is to construct $625 million grid connected rooftop solar programme. India has achieved tremendous progress in solar energy capacity addition over the last few years because of good performance of states like Rajasthan, Andhra Pradesh Gujarat and Tamil Nadu. 

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