World Bank nods to USD-100m financing for large Indian solar

National » Solar

March 31 (Renewables Now) – The board of the World Bank on Thursday approved USD 100 million (EUR 94m) in financing that will help develop common infrastructure for large-scale solar projects in India.

The Indian Renewable Energy Development Agency Limited (IREDA) will receive the funds in order to provide them as sub-loans to select states as part of the so-called Shared Infrastructure for Solar Parks Project.

The 750-MW Rewa and 250-MW Mandsaur solar projects in Madhya Pradesh will be the first to benefit from the financing. Projects in Odisha, Chhattisgarh and Haryana could also be supported.

According to the announcement, IREDA will use the funds to develop power pooling substations, intra-park transmission infrastructure and other common infrastructure for solar projects.

The financing package includes a USD-75-million loan from the International Bank for Reconstruction and Development (IBRD), a USD-23-million loan from the Clean Technology Fund (CTF) and a USD-2-million CTF grant.

(USD 1.0 = EUR 0.936)

Source : Renewables Now

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