ADB and PNB sign loan agree­ment for so­lar projects

Rural & Marketing - - UPDATES -

The Asian Development Bank (ADB) and Pun­jab Na­tional Bank (PNB) signed a US$ 100 mil­lion loan — to be guar­an­teed by the Gov­ern­ment of In­dia — that will fi­nance large so­lar rooftop sys­tems on in­dus­trial and com­mer­cial build­ings through­out In­dia. The PNB will use the ADB funds to make fur­ther loans to de­vel­op­ers and end users to in­stall rooftop so­lar sys­tems.

This is the first tranche loan of the US$ 500 mil­lion multi tranche fi­nance fa­cil­ity So­lar Rooftop In­vest­ment Pro­gram (SRIP) ap­proved by ADB in 2016. The fi­nanc­ing in­cludes US$ 330 mil­lion from ADB’s or­di­nary cap­i­tal resources and US$ 170 mil­lion from the multi donor Clean Tech­nol­ogy Fund (CTF) ad­min­is­tered by ADB. The first tranche loan of US$ 100 mil­lion would be fi­nanced en­tirely from the CTF.

“With a sharp drop in the price of so­lar pan­els, In­dia has a huge po­ten­tial to ex­pand its use of so­lar rooftop tech­nolo­gies,” said Kenichi Yokoyama, ADB Coun­try Di­rec­tor.

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