ADB Approves $240.5M for India's Rooftop Solar Expansion

18 Jul 2024 CW Team

Under this initiative, ADB will channel $90.5 million from its Clean Technology Fund (CTF) to SBI, with NABARD receiving $150 million. This includes $80 million from ADB's ordinary capital resources and an additional $70 million from the CTF.

"India is committed to achieving half of its electric power capacity from non-fossil fuel sources by 2030, aligning with global efforts to reduce carbon emissions," highlighted Kaoru Ogino, ADB's Principal Energy Specialist. "ADB's funding supports this ambitious goal and complements Prime Minister Surya Ghar's initiative, which aims to boost rooftop solar installations across the nation."

India has faced challenges in meeting its previous targets, with only 8.3 GW of rooftop solar capacity installed against a 2022 target of 40 GW. ADB's proposed business models seek to address these gaps, aiming to make rooftop solar more accessible and economically viable for a broader consumer base.

ADB has been a key partner in India's clean energy journey, previously financing various projects. Earlier this year, ADB approved a $148.5 million loan to enhance Sikkim's electricity distribution system to withstand climate impacts. In December last year, Uttarakhand received $200 million to bolster its electricity infrastructure and transition to cleaner energy sources. Additionally, ADB provided $250 million to strengthen India's power sector, enhancing financial performance and attracting private sector investments.

The latest funding underscores ADB's commitment to supporting India's sustainable development goals, promoting clean energy adoption, and bolstering the resilience of its energy infrastructure.

The Asian Development Bank (ADB) has allocated $240.5 million in loans to bolster India's rooftop solar sector, aiming to significantly enhance the country's renewable energy capacity. The financing, provided to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD), will facilitate easier access to loans for developers and end-users looking to install rooftop solar systems nationwide. Under this initiative, ADB will channel $90.5 million from its Clean Technology Fund (CTF) to SBI, with NABARD receiving $150 million. This includes $80 million from ADB's ordinary capital resources and an additional $70 million from the CTF. India is committed to achieving half of its electric power capacity from non-fossil fuel sources by 2030, aligning with global efforts to reduce carbon emissions, highlighted Kaoru Ogino, ADB's Principal Energy Specialist. ADB's funding supports this ambitious goal and complements Prime Minister Surya Ghar's initiative, which aims to boost rooftop solar installations across the nation. India has faced challenges in meeting its previous targets, with only 8.3 GW of rooftop solar capacity installed against a 2022 target of 40 GW. ADB's proposed business models seek to address these gaps, aiming to make rooftop solar more accessible and economically viable for a broader consumer base. ADB has been a key partner in India's clean energy journey, previously financing various projects. Earlier this year, ADB approved a $148.5 million loan to enhance Sikkim's electricity distribution system to withstand climate impacts. In December last year, Uttarakhand received $200 million to bolster its electricity infrastructure and transition to cleaner energy sources. Additionally, ADB provided $250 million to strengthen India's power sector, enhancing financial performance and attracting private sector investments. The latest funding underscores ADB's commitment to supporting India's sustainable development goals, promoting clean energy adoption, and bolstering the resilience of its energy infrastructure.

Real Estate

02 Jun 2026

Dash Square Adds Ashley Study Furniture

Dash Square has expanded its furniture portfolio with a curated study furniture collection from Ashley Furniture Homestore. The range is designed for contemporary homes where work, study and creative activities increasingly require dedicated and well-planned spaces.The collection includes writing desks, executive workstations, storage-led study units and display shelving. It combines practicality, comfort and design to create workspaces that are functional as well as visually appealing.One setting features a light-toned desk with coordinated bookcases and storage cabinets, creating a bright an..

Real Estate

02 Jun 2026

Suraj Estate Arm Acquires Mahim Land Rights

Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers, has signed an MoU to acquire development rights for a land parcel in Mahim (West), Mumbai, for Rs 75 crore. The plot measures around 2,941 sq m and is located next to the company’s ongoing commercial project, Suraj One Business Bay.After amalgamation with the existing commercial development, the land is expected to generate additional saleable carpet area of around 1.50 lakh sq ft, with an estimated gross development value of Rs 800 crore. The project is expected to strengthen the company’s near-to-med..

Infrastructure Urban

02 Jun 2026

AGNI Launches Industry Benchmarking Drive

The Association of Global NICMARians (AGNI), the alumni body of NICMAR, hosted ASPIRE 2026 in Mumbai under the theme ‘Innovation to Transformation’. The symposium brought together professionals from construction, infrastructure, real estate and project management to discuss technology, AI, sustainability and data-led decision-making.At the event, AGNI announced its vision to emerge as an industry think tank and launched initiatives including an Industry Benchmarking Programme. It also proposed a digital ecosystem with tools for innovation impact assessment, salary benchmarking, company ben..