The World Bank Group has approved a US$1bn loan to support India’s solar plans in 2017, providing funds to finance the installation of solar panels on rooftops and for setting up massive solar parks. India plans to boost its solar power generation capacity to 100 GW by 2022 and to deliver at least 40% of its energy needs from renewable sources by 2030.
The World Bank has already approved a US$625m loan that will support the Government of India’s Grid Connected Rooftop Solar program by financing the installation of solar panels on rooftops across India. In addition, the International Finance Corporation (IFC), the World Bank Group’s private sector arm, is supporting the Indian state of Madhya Pradesh set up the 750 MW ultra-mega solar power project in Rewa, helping structure and implement the transaction to help attract investments of about US$750m. The World Bank Group is also backing the India-led International Solar Alliance which aims to promote solar use globally by mobilizing US$1,000 bn in investments by 2030.