Powering Up: World Bank Backs India’s Solar Surge with $890M

The World Bank’s Board of Executive Directors has approved an $890 million financing package to accelerate India’s national rooftop solar programme. This initiative bolsters the Government of India’s PM Surya Ghar: Muft Bijli Yojana, which aims to bring rooftop solar to 10 million households, lower electricity bills, and expand domestic solar manufacturing.

The funding consists of an $820 million IBRD loan, a $60 million Clean Technology Fund concessional loan, and a $10 million grant from the Livable Planet Fund. Additionally, the World Bank will help mobilize $4.2 billion in private commercial financing. The program directly supports India’s targets to reach net-zero emissions by 2070 and secure a 60% non-fossil fuel electricity mix by 2035.

News by Rahul Yelligetti.