NABARD Signs Agreement to Fund Rooftop Solar Project in India

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NABARD will support a rooftop solar power project in India with the Green Climate Fund of $100 million to fight the challenges of climate change 

The National Bank for Agriculture and Rural Development (NABARD) has signed an agreement with Green Climate Fund (GCF) to infuse around $100 million on a project to install solar photovoltaic (PV) power capacities across India.

NABARD, in an official statement, said that Tata Cleantech Capital Ltd, an investment service provider, would execute the $250 million project. It added, “Tata Cleantech Capital Ltd. will receive the GCF support through NABARD, which is the National Implementing Entity (NIE) for United Nations Framework Convention on Climate Change (UNFCCC).” The latter promotes fund that supports the efforts of developing countries to respond to the challenge of climate change.

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The agreement was signed on the sidelines of the ongoing COP24 in Katowice, Poland. The GCF had approved this $100 million line of credit for the development of solar rooftops by NABARD in March this year.

Rooftop solar PV funds

Over the past few years, the government as well as private entities have been investing in boosting the rooftop solar PV capacity of India. The country has set an ambition of creating about 100 GW solar power capacity. And, to accomplish this, several projects have been initiated, some of which are in the process.

Last year the solar industry witnessed a slew of investments. The State Bank of India and the World Bank announced Rs. 23.2 billion in credit facilities for seven Indian solar companies to be used to develop grid-connected solar rooftop PV projects with an aggregate capacity of 575 MW.

The World Bank had also announced an additional Rs. 4 billion for private developers to install 100 MW of grid-connected rooftop solar projects in India.

NABARD has been extending its support to solar power projects and installations under several programmes in India.

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