FCC

NABARD signs pact with GCF worth $100 million to boost solar power

2018-12-10

In order to enable access to long-term affordable financing for solar rooftop installation projects in the commercial, industrial and residential housing sectors in India, including in vulnerable communities, the Green Climate Fund (GCF) and National Bank for Agriculture and Rural Development (NABARD) have signed $100 million agreement. The $250 million rooftop solar project, which will reportedly be executed by Tata Cleantech Capital, is designed to boost private sector initiatives for the creation of rooftop solar power capacity in India.

India is the world?s fourth largest carbon emitter. The government of India has set an ambitious target of achieving 40 per cent cumulative electricity generation from non-fossil fuel-based energy resources by 2030, with 40 GW of rooftop solar power by 2022.

The project is expected to provide long-term and affordable financing for the construction of 250 MW of rooftop solar capacity in India, thereby reducing emissions by 5.2 million tonne of CO2 equivalent over 20 years.

The agreement with GCF was signed by Shankar A Pande, Chief General Manager, NABARD in the presence of AK Mehta, Additional Secretary, Ministry of Environment, Forests and Climate Change (MoEFCC).