World Bank approved 625 Million US dollars support for Rooftop Solar Program in India

Posted on:17 May 2016 12:39:32

World Bank approved 625 Million US dollars support for Rooftop Solar Program in India
17 May 2016 Current Affairs GK: The World Bank Board on 13 May 2016 approved a 625 million US dollars loan to support the India’s program to generate electricity from widespread installation of rooftop solar photo-voltaic (PV).

The Board also approved a co-financing loan of 120 million US dollars on concessional terms and a 5 million US dollars grant from Climate Investment Fund’s (CIF) Clean Technology Fund.

Highlights of IBRD-CIF loan of World Bank : This IBRD-CIF loan has been designed to tackle a number of these barriers.  It will support a number of solar PV business models, to expand the reach of rooftop PV systems to a variety of customer groups. The loan, from the International Bank for Reconstruction and Development (IBRD), has a 19.5 year grace period, and a maturity of 20 years. Loan from CIF’s Clean Technology Fund has a 10 year grace period and a maturity of 40 years.

Highlights of India's Rooftop Solar Project : The project will finance the installation of at least 400 MW of Grid Connected Rooftop Solar Photovoltaic (GRPV) across India. The solar PV installations will provide clean, renewable energy and  will reduce greenhouse gas emissions by displacing thermal generation. The project will be implemented by the State Bank of India (SBI). SBI will on-lend funds to solar PV developers/aggregators and end-users. Financing will be provided to those with sound technical capacity, relevant experience and creditworthiness as per SBI standards.

Need of Rooftop Solar PV systems in India : Frequent energy shortages and high cost of backup supply in India are the reasons behind the need of rooftop solar PV systems. Until now, those who wanted to install solar rooftop PV systems had to pay the full cost up-front. Aided by government policy and declining costs, rooftop solar has the potential to transform the energy sector. The overall potential demand for rooftop solar is estimated at about 124000 MW. 

Electricity grid of India :  India is one of the lowest per capita consumers of electricity in the world. Over 200 million people remain unconnected to the electricity grid, and those who are, they continue to face frequent disruptions. Power shortages also affect industrial output with many industries and manufacturers relying on expensive and polluting diesel-based back-up power supplies.

 

Gk Current Affairs April 2017

25 APRIL
NEWS
24 APRIL
NEWS
22 APRIL
NEWS
21 APRIL
NEWS

Gk Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS

Gk Current Affairs February 2017

28 FEBRUARY
NEWS
27 FEBRUARY
NEWS
25 FEBRUARY
NEWS
24 FEBRUARY
NEWS




Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.