ADB to fund half of USD-1bn rooftop solar programme in India

Source: Renewables.seenews.com, Oct. 04, 2016

The Asian Development Bank (ADB) plans to contribute half of the funds under a USD-1-billion (EUR 895m) solar rooftop investment programme in India, it said on Tuesday.

ADB will provide USD 330 million to Punjab National Bank, while the multi-donor Clean Technology Fund administered by it will add a further USD 170 million. The Indian commercial bank will lend the funds to various developers and end users throughout the country for rooftop solar installations.

Apart from the ADB funds, the programme will also be supported by a subproject equity investment of USD 300 million and loans totalling USD 200 million from commercial banks and other financiers.

In the meantime, the Clean Technology Fund will provide a further USD 5 million for training, to promote market development and raise market awareness.

India has set a target to increase its rooftop solar capacity to 40 GW by 2022.

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