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Asian Development Bank approves USD240.5M loan to fund rooftop solar systems in India
(MENAFN) On Wednesday, the Asian Development Bank (ADB) announced that it has approved a significant loan package totaling USD240.5 million to finance the installation of rooftop solar systems throughout India. This initiative aims to promote renewable energy adoption and enhance the sustainability of the country's power distribution network.
The financing will be channeled through the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). These financial institutions will utilize the funds to provide loans to both developers and end-users, facilitating the installation of rooftop solar systems in various settings across India.
Specifically, the ADB will allocate USD90.5 million to SBI from its Clean Technology Fund (CTF), which is dedicated to supporting clean energy projects. In addition, NABARD will receive a total of USD150 million, comprised of USD80 million sourced from the ADB’s ordinary capital resources and USD70 million from the CTF. This strategic allocation underscores the ADB's commitment to fostering renewable energy initiatives in the region.
The ADB also highlighted that the widespread adoption of rooftop solar systems has the potential to significantly benefit the overall power distribution system. By reducing the technical and operational burdens associated with traditional energy supply, these installations can improve efficiency and reliability. This initiative not only supports India’s transition to renewable energy but also contributes to a more resilient and sustainable energy landscape for the future.
The financing will be channeled through the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). These financial institutions will utilize the funds to provide loans to both developers and end-users, facilitating the installation of rooftop solar systems in various settings across India.
Specifically, the ADB will allocate USD90.5 million to SBI from its Clean Technology Fund (CTF), which is dedicated to supporting clean energy projects. In addition, NABARD will receive a total of USD150 million, comprised of USD80 million sourced from the ADB’s ordinary capital resources and USD70 million from the CTF. This strategic allocation underscores the ADB's commitment to fostering renewable energy initiatives in the region.
The ADB also highlighted that the widespread adoption of rooftop solar systems has the potential to significantly benefit the overall power distribution system. By reducing the technical and operational burdens associated with traditional energy supply, these installations can improve efficiency and reliability. This initiative not only supports India’s transition to renewable energy but also contributes to a more resilient and sustainable energy landscape for the future.
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