World Bank Supports India’s Solar Energy Program

The World Bank Group signed an agreement with the International Solar Alliance to provide $1 billion support to Indian solar energy projects. Led by India, this Alliance consists of 121 countries and was launched at the UN Climate Change Conference in Paris end-November last year, by Prime Minister Narendra Modi and French President François Hollande. Through this Alliance, India aims to collaborate with global agencies and mobilize around $1 trillion of investment in solar energy by 2030.

Solar Panels

Solar Panels

The World Bank-supported projects include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states. The cumulative investment in solar would be the World Bank’s largest financing in this sector for any country, reports Business Standard.

Additionally, the World Bank Group has committed $625 million to state-owned State Bank of India to support the grid-connected rooftop solar program which will  support the government to achieve its target of generating 40 gigawatts of electricity from the installation of rooftop solar photo-voltaic panels.

 

 

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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