Financing signed for 250 MW of rooftop solar in India
Image by:National Bank for Agriculture and Rural Development (www.nabard.org).
India’s National Bank for Agriculture and Rural Development (NABARD) and the Green Climate Fund (GCF) have signed a deal to pour USD 100 million (EUR 88m) in private sector initiatives for rooftop solar deployment across India.
The funds will come in the form of a loan from the GCF to NABARD and will be disbursed under a USD-250-million project by Tata Cleantech Capital Ltd, NABARD said after an event held on the sidelines of the COP24 conference taking place in Katowice, Poland. The specific project aims to support the installation of 250 MW of rooftop photovoltaic (PV) arrays in India's commercial, industrial and residential sectors.
The GCF approved the USD-100-million credit proposal in March. It then said this will be the first private sector facility proposal sanctioned by GCF to India.
Tata Cleantech Capital is a joint venture between India’s Tata Capital and the International Finance Corp (IFC).
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.