India and the World Bank have signed a guarantee agreement of $98 million provided through the International Bank for Reconstruction and Development (IBRD) and Clean Technology Fund (CTF) loan and grant agreement for $2 million for the “Shared Infrastructure for Solar Parks Project” in India, on November 20, 2017.
Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs on behalf of Government of India, and Hisham A. Abdo, Acting Country Director, World Bank India, has signed the agreement.
A loan agreement was also signed by K S Popli, Chairman and MD, India Renewable Energy Development Agency Ltd (IREDA) and Hisham A. Abdo, Acting Country Director, World Bank India.
The project consists of two components namely, first, shared infrastructure for Solar Parks (estimated total project cost of $98 million, including $75 million in IBRD loan and $23 million in CTF Loan) and second, $2 million technical assistance under CTF Grant.
The objective of the project is to increase solar generation capacity through establishment of large-scale parks in the country.
The project will help establish large-scale solar parks and support the government’s plan to install 100 GW of solar power out of a total renewable-energy target of 175 GW by 2022.