World Bank (WB) approves $890 million for India's rooftop solar programme

Key facts

• The World Bank (WB) has approved a financing package of $890 million for India’s rooftop solar programme.
• The package comprises an $820 million loan from the International Bank for Reconstruction and Development (IBRD), a $60 million concessional loan from the Clean Technology Fund, and a $10 million grant from the IBRD’s Livable Planet Fund.
• The WB will mobilise an estimated $4.2 billion in private financing through commercial loans to assist households in installing rooftop solar systems.
• The financing supports the PM Surya Ghar: Muft Bijli Yojana, which aims to install rooftop solar systems in 10 million rural and urban households.
• The programme is expected to create approximately 1.7 million jobs across renewable energy manufacturing, installation, and related services.
• India has committed to achieving net-zero emissions by 2070 and increasing the share of non-fossil fuel sources in its electricity mix to 60 per cent by 2035.
• Cumulative WB support has helped India’s installed rooftop solar capacity grow from approximately 500 MW to more than 27 GW.
• Previous funding includes a $648 million package approved in 2016 for the Grid-Connected Rooftop Solar Programme and $165 million in additional financing in 2022.