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India of the Future: World Bank moving forward to support India’s solar power program
By admin July 5, 2016

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SUNPOWER-HENRIETTA-FINAL

With an energy poverty crisis and severe climate change, India is placing greater efforts on developing sun power. The World Bank Group (WBG) is also helping India deliver on its plans with more than $1 billion in lending over FY 2017. This is the Bank’s largest-ever support for solar power in any country.

Currently nearly 300 million people, which is about a quarter of India’s population, live without access to modern electricity. India is also one of the lowest per capita consumers of electricity in the world; even when people are connected to the electricity grid, they face frequent disruptions. With around 300 days of sunshine every year, India has among the best conditions in the world to harness solar energy. The rapid expansion of solar power can improve the quality of life for millions of Indians, especially for its poorest citizens.

India’s plan to ramp up solar power generation to 100 GW by 2022 is among the largest in the world. It will help bring sustainable, clean, climate-friendly electricity to millions of India’s people. This will catapult India to the forefront of the global effort to bring electricity to all, mitigate the effects of climate change, and set the country on a path to become the ‘India of the future’. Unveiling its own bold initiative, India pledged that it would derive at least 40 percent of its energy needs from renewable sources by 2030.

The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy.

In India, the WBG has a number of initiatives in the pipeline. These include developing solar parks, promoting innovative solutions to generate and store solar power, and providing support for solar mini-grids. It has already approved a USD $625 million loan that will support the Government of India’s Grid Connected Rooftop Solar program by financing the installation of solar panels on rooftops across India. The International Finance Corporation (IFC), the World Bank Group’s private sector arm, is supporting the Indian state of Madhya Pradesh set up the 750-MW ultra-mega solar power project in Rewa.

The new investment of USD $1 billion investment will further help India to the forefront of solar energy development in the world. With this news, India’s future just a got a lot brighter.

More Information:

Solar Energy to Power India of the Future

IFC Supports India’s Madhya Pradesh State to Develop World’s Largest Single-Site Solar Power Project

Renewables 2015 Global Status Report

World Bank Group President Jim Yong Kim to visit India

Grid-Connected Rooftop Solar Program

 

 

 


Thanks for sharing !


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