World Bank offers 1 bln USD loan to India for solar generation plans

NEW DELHI, July 1 (Xinhua) -- The World Bank has offered 1 billion U.S. dollars in loans to India for its solar generation plans, said local media on Friday.


The projects now under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to the market, and transmission lines for solar-rich states of the country, said local daily The Hindu.


The commitment includes an agreement for a 625 million U.S. dollar loan for grid-connected rooftop solar programme for financing the installation of at least 40 megawatts of solar photovoltaic installations, said the report.


The agreement was reached by Indian Prime Minister Narendra Modi and World Bank Group President Jim Yong Kim.


"We are doing all we can to support Prime Minister Modi's personal commitment to renewable energy, especially in scaling up solar energy,"Kim told local media on Thursday after meeting Modi.


He also praised India for having become a leader in implementing the promises made in Paris for COP21 and the efforts against global warming.

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