The World Bank Group signed an agreement with the International Solar Alliance to provide $1 billion support to Indian solar energy projects. Led by India, this Alliance consists of 121 countries and was launched at the UN Climate Change Conference in Paris end-November last year, by Prime Minister Narendra Modi and French President François Hollande. Through this Alliance, India aims to collaborate with global agencies and mobilize around $1 trillion of investment in solar energy by 2030.
The World Bank-supported projects include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states. The cumulative investment in solar would be the World Bank’s largest financing in this sector for any country, reports Business Standard.
Additionally, the World Bank Group has committed $625 million to state-owned State Bank of India to support the grid-connected rooftop solar program which will support the government to achieve its target of generating 40 gigawatts of electricity from the installation of rooftop solar photo-voltaic panels.