In what can be seen as a major boost for the solar industry in India, the World Bank has sanctioned $625 million loan for installations of 400 MW of solar rooftop photovoltaic projects in India.
The funds will be on-lent by the State Bank of India (SBI) to photovoltaic manufacturers, aggregators and end-users. The loan will primarily be given to back investments in the commercial and industrial rooftop segments.
Talking about the loan, Mohua Mukherjee, World Bank’s task team leader for the project, said, “Today, the only available option for those who want to install solar PV is to pay the entire cost up-front. The variety of financing mechanisms on offer under this programme will represent a major innovation for the rooftop market in India.”
India has set an ambitious target to install 100 GW of solar energy in the country by 2022. This comes under the National Solar Mission and the government is opening up numerous tenders in diffrent states to reach the said target. India is the ideal location to use solar energy and lot of global majors are also coming to the country to take this opportunity and start manufacture in India.
Atanu Kumar Das