May 17, 2016

World Bank to provide $ 625 million for the Indian rooftop solar program

Recently the World Bank and the Government of India’s network of rooftop solar photovoltaic projects approved a $ 625 million loan as well as to other funding a $ 120 million co-financing loans on concessional terms, as well as the Climate Investment Funds (CIF) of the Clean Technology Fund five million dollars.

These funds will be used to install at least 400MW roof system that supports the entire solar energy market in India.

State Bank of India (SBI) will be delivered by the solar project developers, integrators and end-user loans to help, mainly in the commercial and industrial roofs. India does not enjoy these two areas 30% of the roof subsidy program.

So far, the rooftop solar enthusiasts only able to pay the full cost of the early solar system, but the new loan is intended to address the obstacles to development, offers a variety of photovoltaic business models, and the introduction of third-party ownership, leasing, rental and direct terminal roof user ownership.

Senior energy expert and the World Bank Task Team Leader for the project Mohua Mukherjee said: “The various financing mechanisms provided under this program will represent a major innovation in the roof is the most important market, the size of the project will go beyond simple. so that funds are available, it will also improve the investment environment, solar photovoltaic and improve the convenience of business in the roof. “

March, Solar Rooftop Policy Coalition report “to lift private investment in India rooftop solar shackles” found in the usual way, to India in 2022 will reach only one-third of its goal of 40GW solar roof. The current trajectory of India to 2022 only reached 13.5GW rooftop solar energy, however, the “active market support” to help India in 2022 doubled its rooftop installations to 26GW.

Notice that the World Bank, India’s industrial output power shortages affect many industries and manufacturers rely on expensive and polluting diesel backup power. At the same time, more than two hundred million people lack access to electricity.

Nevertheless, the popularity of rooftop PV Not in India last year, a government official said, take forward more slowly than expected. The World Bank said that this “is mainly due to lack of sufficient funds, are not familiar with the technology and low consumer awareness.”

World Bank Country Director, India, Onno Ruhl, said: “Through this project and other similar projects, do power users will eventually be able to generate its own electricity needs from part one of the cleanest sources of energy.”

India has recently begun promoting various rooftop solar-friendly policies, the Indian city of Chandigarh, India plans to become the second mandatory installation of solar roofs on all buildings (Click for PV-Tech previous reports) city.

Last month, Gujarat has also introduced a subsidy for residential rooftop solar systems and networks, and does not include any benefits provided by the Central Government of India.

If you are seeking to invest in or develop solar energy projects in India, to join us on June 27, held in London Solar Finance & Investment: India, the conference aims to bring together European and North American focus on the Indian market investors and developers, and help the companies to explore new partnerships.

 

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