ADB Approves $240.5 Million Loan for Rooftop Solar Systems in India
| Category | Details |
|---|---|
| Loan Approval | Asian Development Bank (ADB) approved a loan of USD 240.5 million for rooftop solar systems in India. |
| Date of Announcement | July 17, 2023 |
| Financing Program | Supports tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, initially approved by ADB in 2016. |
| Program Focus | Restructured in 2023 to specifically deploy residential solar rooftop systems. |
| India's Goal | Achieve 50% of cumulative electric power installed capacity from non-fossil fuel energy sources by 2030. |
| Supporting Program | ADB's financing supports the Prime Minister's Surya Ghar program, encouraging rooftop solar installations. |
| Loan Allocation | State Bank of India (SBI) receives USD 90.5 million from ADB's Clean Technology Fund (CTF). National Bank for Agriculture and Rural Development (NABARD) receives USD 150 million (USD 80 million from ADB's ordinary capital resources and USD 70 million from CTF). |
| Target Recipients | Developers and end-users throughout India for the installation of rooftop solar systems. |
| Benefits | Reduce technical and operational burden, enhance power distribution efficiency, provide energy independence, minimize power supply disruptions, reduce reliance on fossil fuels, cut greenhouse gas emissions, advance climate commitments. |