The World Bank on Thursday committed more than $1 billion (approximately Rs 6,750 crore) to support the Modi government’s pet solar energy programme.
The World Bank on Thursday committed more than $1 billion (approximately Rs 6,750 crore) to support the Modi government’s pet solar energy programme.
“As part of our $1 billion solar commitment to India, today we signed an agreement with the government of India for a $625-million grid-connected rooftop solar programme. The project will finance the installation of at least 40 megawatts of solar photovoltaic installations,” said World Bank Group president Jim Yong Kim.
Dr Kim, who termed himself “a big fan of Mr Modi”, said the money would be invested in projects that include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states.
“These investments for India will together become the Bank’s largest financing of solar projects for any country in the world. We are doing all we can to support PM Narendra Modi’s personal commitment toward renewable energy, especially in scaling up solar energy,” said Dr Kim.
India’s target is to generate 1 lakh MW of power through solar energy by 2022 and it is trying to attract investment from various sources.
Mr Modi told Dr Kim about the need for climate change financing for countries like India which are “consciously choosing to follow an environmentally sustainable path”.
The World Bank Group on Thursday also signed an agreement with the International Solar Alliance, consisting of 121 countries led by India, to collaborate on increasing solar energy use around the world, the goal being to mobilise $1 trillion in investment by 2030.
Dr Kim said the Indian economy has done well under Mr Modi. “India has been very resilient to what has been happening in Brexit. But if there is continued uncertainty, if there are more events that create more uncertainty, then certainly everyone will be affected, including India,” he said.
