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        World Bank, India sign deal to boost solar globally

        Writer:Heindl Server GmbHSource:solarserver.com Date:2016-7-6
        The development of a USD 200 million shared infrastructure for solar park projects in India under a public-private partnership model is under preparation
        The development of a USD 200 million shared infrastructure for solar park projects in India under a public-private partnership model is under preparation

        The World Bank Group on June 30th, 2016 signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use around the world, with the goal of mobilizing USD 1 trillion in investments by 2030.

        The agreement establishes the World Bank Group as a financial partner for the ISA and sees the institution as using its global development network, global knowledge and financing capacity to promote the use of solar energy.

        USD 1 billion support for solar PV in India

        The World Bank also announced that it planned to provide more than USD 1 billion to support India’s ambitious initiatives to expand solar through investments in solar generation.

        The World Bank-supported projects under preparation include solar photovoltaic (PV) rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states. These solar investments for India combined would be the Bank’s largest financing of solar for any country in the world to date.

        “India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change,” said World Bank Group President Jim Yong Kim. 

        “Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy.”

        Kim said he also hoped the signing of the agreement with the ISA would help mobilize a global movement toward a climate-friendly future.

         

        Grid Connected Rooftop Solar Program, Shared Infrastructure for Solar Parks

        As part of the agreement, the Bank Group will develop a roadmap to mobilize financing for development and deployment of affordable solar energy, and work with other multilateral development banks and financial institutions to develop financing instruments to support solar energy development.

        In keeping with the Bank’s commitment to support India’s solar energy program, the Government of India and the World Bank also signed an agreement for the USD 625 million Grid Connected Rooftop Solar Program.

        The project will finance the installation of at least 400 MW of solar photovoltaic (PV) installations.

        The development of a USD 200 million shared infrastructure for solar park projects under a public-private partnership model is also under preparation.

        The Bank’s support for India’s solar projects will increase the availability of financing, introduce new technologies, build capacity for solar rooftop units and enable the development of common infrastructure, which will support privately developed solar parks in a number of states across India.

         

        IFC supports the 750 MW Rewa ultra-mega solar power project in Madhya Pradesh

         

        International Finance Corporation (IFC), the Bank Group’s private sector arm, was one of the earliest financiers of wind and solar projects in India, and in fact helped develop the country’s first grid-connected solar power project. IFC is also supporting the government of Madhya Pradesh to set up the 750 MW Rewa ultra-mega solar power project, which will be the largest single-site solar power project in the world. 

        TypeInfo: Industry News

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