Solar park development progresses

India continues to make progress with its renewable energy with the latest US$100 million loan from the World Bank for the “Shared Infrastructure for Solar Parks Project”.

A Guarantee Agreement for International Bank for Reconstruction and Development (IBRD)/Clean Technology Fund (CTF) loan of US$98 million and Grant Agreement for US$2 million for the “Shared Infrastructure for Solar Parks Project” was signed with the World Bank in New Delhi on 20 Nov 2017.

The project consists of two components:
(i) Shared Infrastructure for Solar Parks (estimated total project cost of US$100 million, including US$75 million in IBRD loan and US$23 million in CTF Loan) and
(ii) (ii) Technical Assistance (US$2 million in CTF Grant).

The objective is to increase solar generation capacity through establishment of large-scale parks in the country.

The project will help establish large-scale solar parks and support the government’s plan to install 100 Gigawatts (GW) of solar power out of a total renewable-energy target of 175 GW by 2022.

The loan agreement was signed by Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs, and Hisham A. Abdo, Acting Country Director, World Bank India.

A Loan Agreement was also signed by K S Popli, Chairman and Managing Director, India Renewable Energy Development Agency Ltd. (IREDA) and Hisham A. Abdo, Acting Country Director. fii-news.com