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World Bank approves US$ 625 Million

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  17 May 2016 12:00 AM GMT

New Delhi May 16: The World Bank Board has approved a US$ 625 million loan to support the Government of India’s program to generate electricity from widespread installation of rooftop solar photo-voltaic (PV). The Board also approved a co-fincing loan of US$ 120 million on concessiol terms and a US$ 5 million grant from Climate Investment Fund’s (CIF) Clean Technology Fund. The project will fince the installation of at least 400 MW of Grid Connected Rooftop Solar Photovoltaic (GRPV) across India. These solar PV installations will provide clean, renewable energy, and reduce GHG emissions by displacing thermal generation. The project will also strengthen the capacity of key institutions, and support the development of the overall solar PV market. The project will be implemented by the State Bank of India (SBI). SBI will on-lend funds to solar PV developers/aggregators and end-users, who wish to invest in mainly commercial and industrial rooftop PV systems. Fincing will be provided to those with sound technical capacity, relevant experience, and creditworthiness as per SBI standards. India is one of the lowest per capita consumers of electricity in the world. (IANS)

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