ADB to pro­vide In­dia $500 mil­lion for rooftop so­lar sys­tems

Power Watch India - - DESPATCHES FINANCE -

Manila-based Asian De­vel­op­ment Bank (ADB) will pro­vide $500 mil­lion in fi­nanc­ing for rooftop so­lar sys­tems that will help the In­dian gov­ern­ment ex­pand en­ergy ac­cess us­ing re­new­able en­ergy. ADB will pro­vide the fi­nanc­ing to the public sec­tor Pun­jab Na­tional Bank - one of In­dia’s largest com­mer­cial banks - which will use the funds to give loans to var­i­ous devel­op­ers and end users through­out In­dia to in­stall rooftop so­lar sys­tems. “There is huge po­ten­tial for In­dia to ex­pand its use of so­lar rooftop tech­nolo­gies be­cause of the sharp drop in the price of so­lar pan­els, mean­ing the cost of pro­duc­ing so­lar en­ergy is at or close to that from fos­sil fu­els. Sourc­ing more so­lar en­ergy will also help In­dia meet the car­bon emis­sions re­duc­tion tar­get that it has com­mit­ted to as part of the re­cent global cli­mate change agree­ment,” said An­qian Huang, fi­nance spe­cial­ist in ADB’s South

Asia Depart­ment.

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