India and the World Bank signed a $ 98 million guarantee agreement provided through the International Bank for Reconstruction and Development (IBRD) and the Clean Technology Fund (CTF) loan agreement and a $ 2 million grant for the âShared Solar Farm Infrastructure Projectâ in India on November 20, 2017.
Sameer Kumar Khare, Deputy Secretary, Department of Economic Affairs on behalf of the Government of India, and Hisham A. Abdo, Acting Country Director, World Bank in India, signed the agreement.
A loan agreement was also signed by KS Popli, President and CEO, India Renewable Energy Development Agency Ltd (IREDA) and Hisham A. Abdo, Acting Country Director, World Bank India.
The project has two components, namely, first, a shared infrastructure for solar parks (total estimated project cost of $ 98 million, including $ 75 million from IBRD loan and $ 23 million from FTP loan) and second, technical assistance of $ 2 million under a CTF grant.
The objective of the project is to increase solar production capacity through the creation 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.
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