World Bank Board of Executive Directors approved an $890 million financing package for India’s national rooftop solar programme

World Bank Board of Executive Directors approved an $890 million financing package for India’s national rooftop solar programme

¨     World Bank Board of Executive Directors approved an $890 million financing package for India’s national rooftop solar programme.

¨     The package supports PM Surya Ghar: Muft Bijli Yojana, India’s flagship residential rooftop solar scheme.

¨     The scheme aims to install rooftop solar systems for 10 million households across rural and urban India.

¨     It promotes household-level solar power generation and grid-connected electricity supply.

¨     The $890 million financing package includes:

¨     $820 million loan from the International Bank for Reconstruction and Development (IBRD).

¨     $60 million concessional loan from the Clean Technology Fund (CTF).

¨     $10 million grant from the Livable Planet Fund.

¨     The financing will support residential rooftop solar deployment and strengthen institutional capacity.

¨     The International Bank for Reconstruction and Development (IBRD) is one of the five institutions of the World Bank Group.

¨     The Clean Technology Fund (CTF) is a multilateral climate finance mechanism under the Climate Investment Funds (CIF) framework.

¨     The World Bank Group provides loans, concessional finance, and grants for development projects in member countries.

¨     Rooftop solar systems are installed on building rooftops and generate electricity close to the point of consumption, reducing transmission losses and promoting clean energy.