The World Bank will offer $648 million in funding assistance for the installation of rooftop solar power projects in the small and medium scale company segment.
This package includes a credit guarantee scheme worth $100 million for rooftop solar installations. The assistance will be delivered through the State Bank of India, the country’s largest commercial bank.
The program will target small and medium-sized companies that usually do not meet lending criteria for funding institutions. This is the second collaboration between the World Bank and the State Bank of India.
The World Bank launched a $648 million loan assistance program for the rooftop solar market in 2016.
The announcement by World Bank comes just days after the Indian prime minister announced that the country will meet its target to achieve 40 gigawatts of rooftop power capacity by 2022.
This is an Agency News Feed; edited by Clean-Future Team