Solar Power Projects Get Assistance from International Institutions: Government

The assistance for solar power projects under such schemes are available to all States/UTs depending on requirement and demand.

The Government has various solar power programmes which are being implemented through assistance of World Bank, International Finance Corporation and other multilateral financial institutions.

This was stated by Power and New & Renewable Energy Minister, Raj Kumar Singh, in a written reply to a question on support to solar power projects in the country.

The World Bank is providing assistance of USD 100 Million for development of internal infrastructure of solar parks a programme being implemented by the Indian Renewable Energy Development Agency Ltd. (IREDA) under the aegis of this Ministry.

Also, the International Finance Corporation (IFC) has signed an agreement with the State government of Madhya Pradesh to help them in setting up of various solar PV power projects, Singh added.

A concessional loan of USD 620 Million has been provided by the World Bank to the State Bank of India and of USD 500 million by the Asian Development to the Punjab National Bank for financing of grid connected rooftop solar projects in Industrial and Commercial sectors.

Technical Assistance is also available for promotion of rooftop systems under World Bank, Asian Development Bank, USAID and GIZ assistance. The assistance under such schemes are available to all States/UTs depending on requirement and demand.

The solar and wind power projects are very competitive as compared to conventional power projects. The lowest tariffs in solar and wind discontinued recently have come down to Rs. 2.44/kWh and Rs. 2.43/kWh respectively, Singh informed.

Source: PIB