India signs USD 100 million loan agreement with World Bank for Solar Parks Project

Nov 21, 2017 15:50 IST
India signs USD 100 million loan agreement with World Bank for Solar Parks Project

India on 20 November 2017 signed USD 100 million loan agreement with the World Bank for Shared Infrastructure for Solar Parks Project.

The USD 100 million loan agreement includes a IBRD Guarantee Agreement of USD 98 million and a Grant Agreement of USD 2 million.

The project agreement was signed by Sameer Kumar Khare, Joint Secretary in the Department of Economic Affairs, and by Hisham A Abdo, Acting Country Director of World Bank India.

While, the Loan Agreement was signed by K S Popli, Chairman and Managing Director of India Renewable Energy Development Agency Ltd. (IREDA) and Hisham A Abdo, Acting Country Director of World Bank India.

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Key Highlights
• The project consists of two components- Shared Infrastructure for Solar Parks with an estimated total project cost of USD 100 million and the Technical Assistance of USD 2 million in 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 in establishing large-scale solar parks and will support the Union Government’s plan to install 100 Gigawatts (GW) of solar power, out of the total renewable energy target of 175 GW by 2022.

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Read more Current Affairs on: India , World Bank , Solar Parks Project , CTF Grant

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