ADB to Provide $240m for Rooftop Solar in India
- Unlock the power of solar energy with ADB's $240.5 million funding for rooftop solar in India, making clean energy accessible to all.
The Asian Development Bank (ADB) will provide USD 240.5 million in loans for rooftop solar deployment in India. The funding will be given to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans to developers and end-users for installing rooftop photovoltaic arrays. ADB will allocate USD 90.5 million from its Clean Technology Fund (CTF) and NABARD will receive USD 150 million, including USD 80 million from ADB's ordinary capital resources and USD 70 million from CTF.
The funding supports the second and third tranches of ADB's Multitranche Financing Facility (MFF) Solar Rooftop Investment Programme, which was initially approved in 2016 and restructured in 2023 to focus on residential rooftop solar deployment in India.
What is the purpose of ADB's funding for rooftop solar deployment in India?
- The purpose of ADB's funding for rooftop solar deployment in India is to provide loans to developers and end-users for installing rooftop photovoltaic arrays.
- ADB will allocate USD 90.5 million from its Clean Technology Fund (CTF) for this initiative.
- The funding supports the second and third tranches of ADB's Multitranche Financing Facility (MFF) Solar Rooftop Investment Programme.
- The funding will be given to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans for rooftop solar projects in India.