The government has lined up almost $2.5 billion (about Rs 16,800 crore) for providing low cost finance to achieve the target of installing 40 GW grid-connected solar rooftop systems.
“The ministry is in negotiations with the KfW Development Bank to secure soft loans of 1 billion euro. They have already provided $100 million funding,” The Ministry of New and Renewable Energy (MNRE) Secretary Upendra Tripathy told reporters here. The World Bank has committed a loan of $620 million, with the Asian Development Bank and the New Development Bank pledging $500 million and $250 million, respectively, he added. “This will enable participating commercial banks such as SBI, PNB and Canara Bank to extend loan at or near base rates,” Tripathy said. The secretary further said in the current fiscal, MNRE is trying to arrange an investment of Rs 6,000 crore for rooftop solar projects.