ADB OKs $240.5M Loan for Rooftop Solar Systems in India
ECONOMY & POLICY

ADB OKs $240.5M Loan for Rooftop Solar Systems in India

The Asian Development Bank (ADB) has sanctioned a loan of $ 240.5 million to fund rooftop solar systems in India, supporting the government's initiative to enhance energy access through renewable sources.

ADB revealed that this funding will back tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, which ADB initially approved in 2016. In 2023, the program was restructured to concentrate on the deployment of residential solar rooftop systems.

India aims to achieve approximately 50 per cent of its cumulative electric power installed capacity from non-fossil fuel energy sources by 2030 in line with its global commitments to reduce carbon emissions. ADB's financing is aligned with these goals and will contribute to the Prime Minister's Surya Ghar program, which encourages the installation of rooftop solar systems across the country, ADB Principal Energy Specialist Kaoru Ogino explained.

The approved financing will be directed to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). These institutions will provide loans to developers and end-users across India for the installation of rooftop solar systems. Specifically, ADB will allocate $ 90.5 million from its Clean Technology Fund (CTF) to SBI, while NABARD will receive $ 150 million, comprising $ 80 million from ADB's ordinary capital resources and $ 70 million from the CTF.

The Asian Development Bank (ADB) has sanctioned a loan of $ 240.5 million to fund rooftop solar systems in India, supporting the government's initiative to enhance energy access through renewable sources. ADB revealed that this funding will back tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, which ADB initially approved in 2016. In 2023, the program was restructured to concentrate on the deployment of residential solar rooftop systems. India aims to achieve approximately 50 per cent of its cumulative electric power installed capacity from non-fossil fuel energy sources by 2030 in line with its global commitments to reduce carbon emissions. ADB's financing is aligned with these goals and will contribute to the Prime Minister's Surya Ghar program, which encourages the installation of rooftop solar systems across the country, ADB Principal Energy Specialist Kaoru Ogino explained. The approved financing will be directed to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). These institutions will provide loans to developers and end-users across India for the installation of rooftop solar systems. Specifically, ADB will allocate $ 90.5 million from its Clean Technology Fund (CTF) to SBI, while NABARD will receive $ 150 million, comprising $ 80 million from ADB's ordinary capital resources and $ 70 million from the CTF.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

EMO Energy and e-Sprinto to Deploy 8,000 Electric Scooters

EMO Energy has announced a partnership with electric two-wheeler maker e-Sprinto to deploy 8,000 electric scooters across India this financial year. The rollout will include both low-speed and high-speed models and will be phased across several cities. The scooters will be aimed at quick-commerce and last-mile delivery operations where uptime and energy efficiency are prioritised. EMO Energy said the scooters will use its patented ZenPac liquid-cooled battery platform with active thermal management, battery intelligence and energy optimisation to improve reliability and performance. ZenPac con..

Next Story
Infrastructure Energy

Octillion Opens Third EV Battery Plant in India

Octillion Power Systems has opened its third manufacturing facility in Halol, Gujarat, adding production capacity as demand for electric vehicle battery systems grows across passenger, commercial and public transport segments. The facility covers more than 13,000 square metres and was converted from an empty structure into an operational battery manufacturing plant in less than eight months. At full capacity the Gujarat plant will manufacture more than 48,000 battery systems annually, representing over three GWh of energy storage capacity. With the addition of the Halol facility Octillion's co..

Next Story
Real Estate

Land Reforms Could Unlock Urban Affordable Housing

Former cabinet secretary and NITI Aayog member Rajeev Gauba said India’s urban housing shortage could be tackled by unlocking 10 million (mn) vacant homes and using excess unutilised land held by public sector undertakings (PSUs). He said land availability lay at the heart of the problem and estimated that land accounted for as much as 50 to 70 per cent of total project cost. He urged states to waive land?use change fees and exempt stamp duty on land and transactions linked to affordable housing. He noted that urban population was projected to rise from 500 million to nearly 900 million by 2..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement