ADB to assist banks for solar plants

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The Asian Development Bank (ADB) will provide up to US$ 150 million in credit guarantees to local and foreign commercial banks in the country that finance private sector solar power plants. The guarantees will help mobilise long term funding for solar energy development and support the Government of India’s push to diversify its energy mix away from a heavy reliance on fossil fuels, to lower carbon, renewable sources.

These guarantees would cover 50 per cent of the payment default risk on bank loans made to project developers, besides supporting projects of up to 25 megawatts. ADB is also separately considering direct finance to the Indian private sector for larger solar power projects.

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