Monday 27 November 2017

World Bank lends $100m for Indian solar parks

World Bank lends $100m for Indian solar parks

The World Bank is providing $100 million (£75m) in financing to help install large-scale solar parks in India.

The Shared Infrastructure for Solar Parks Project will finance the Indian Renewable Energy Development Agency (IREDA) to provide sub-loans to states to invest in solar projects.

They will be mostly under the Ministry of New and Renewable Energy’s Solar Park Scheme.

The first two projects to be supported will have capacities of 750MW and 250MW, in the Rewa and Mandsaur districts of Madhya Pradesh.

Other states where potential solar parks could be supported are Chhattisgarh, Haryana and Odisha.

Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs at the Ministry of Finance said: “This project will help establish large-scale solar parks and support the government’s plan to install 100GW of solar power out of a total renewable energy target of 175GW by 2022.

“The use of this clean and green technology will also help contribute to global efforts to meet the challenges of climate change.”

Written by

Bruna Pinhoni

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