The World Bank is planning to finance more than $1bn to fund the development of solar energy projects in India.
The funds will be used for Indian projects such as solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states.
World Bank Group president Jim Yong Kim said: "India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change.
"Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy."
The Bank also signed an agreement to fund the development of the $625m grid connected rooftop solar program.
The project will finance the installation of around 400MW of solar photovoltaic power projects.
Separately, World Bank Group also signed an agreement to help the International Solar Alliance (ISA), consisting of 121 countries led by India, in mobilizing $1 trillion investment by 2030 to boost solar power generation globally.
Under the terms of the agreement, the World Bank Group will initially develop a roadmap to mobilize financing for development and deployment of solar energy projects.
In collaboration with other multilateral development banks and financial institutions, the Bank will also develop financing instruments to support solar energy development.
The ISA initiative was launched by France and India at the at the UN climate change summit held in Paris in 2015 to boost solar energy in developing countries.
The allianceintends to boost solar power in countries with rich solar resources but energy poor in order to bring clean, affordable and renewable energy to all.
India aims to increase its installed solar capacity from current 4GW to 12GW by the end of next year and reach 100GW by 2022.
Image: India intends to virtually triple the renewable energy share by 2030. Photo: courtesy of franky242/ FreeDigitalPhotos.net.