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World Bank provides $1 billion in loans to help India develop solar energy
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[Abstract]:
The ISA was established by Indian Prime Minister Modi during the 2015 Paris Climate Summit in conjunction with 121 countries to promote solar power generation around the world, with the goal of securing a US$1 trillion investment in 2030. The World Bank announced that it has officially become a financial partner of ISA and has provided a $1 billion loan to help India develop solar energy in 2017. And between 2015 and 2016, the World Bank has provided India with $4.8 billion in funding.
The Indian government plans to increase domestic solar installations to 100 GW by 2022 and increase renewable energy generation to 40% of national electricity generation. India has an average of 300 days of sunshine per year, with more than 1,500 hours of sunshine per year, and high sunshine radiation and abundant sunshine resources. JimYong Kim, President of the World Bank, said at the signing ceremony: "In addition to the issue of climate change, people will choose solar energy because solar energy is cheaper; and installing solar panels is much faster than building coal-fired power plants." reason.
In fact, India has already started the construction of the world's largest solar power plant, a super-large power plant with a capacity of 2GW in Karnataka, which is used for 1 million households.
The World Bank's $1 billion investment will be used to develop technologies such as rooftop solars, large solar parks, hybrid applications where solar energy is combined with its applications, and grid transmission. The World Bank will also begin to study the establishment of solar financing mechanisms to promote the development and use of solar power generation equipment.
At the same time, the World Bank and the Indian government signed a $625 million “roof-type solar grid-connected project” to provide financing for the installation of at least 400 MW of rooftop solar systems throughout India. The World Bank's International Financial Institution (IFC) will also assist Madhya Pradesh to develop a 750MW large power station in Rewa, which is expected to attract $750 million in investment.
The signing ceremony was held in New Delhi and was attended by JimYong Kim, Indian Energy Director Piyush Goyal, Finance Director Arun Jaitley and Indian Prime Minister Modi.
The World Bank, which is committed to improving people's living conditions, announced on June 30 that it will provide $1 billion in loans to the International Solar Alliance (ISA) to help develop solar power in India. This is the World Bank's largest solar investment to date.
The ISA was established by Indian Prime Minister Modi during the 2015 Paris Climate Summit in conjunction with 121 countries to promote solar power generation around the world, with the goal of securing a US$1 trillion investment in 2030. The World Bank announced that it has officially become a financial partner of ISA and has provided a $1 billion loan to help India develop solar energy in 2017. And between 2015 and 2016, the World Bank has provided India with $4.8 billion in funding.
The Indian government plans to increase domestic solar installations to 100 GW by 2022 and increase renewable energy generation to 40% of national electricity generation. India has an average of 300 days of sunshine per year, with more than 1,500 hours of sunshine per year, and high sunshine radiation and abundant sunshine resources. JimYong Kim, President of the World Bank, said at the signing ceremony: "In addition to the issue of climate change, people will choose solar energy because solar energy is cheaper; and installing solar panels is much faster than building coal-fired power plants." reason.
In fact, India has already started the construction of the world's largest solar power plant, a super-large power plant with a capacity of 2GW in Karnataka, which is used for 1 million households.
The World Bank's $1 billion investment will be used to develop technologies such as rooftop solars, large solar parks, hybrid applications where solar energy is combined with its applications, and grid transmission. The World Bank will also begin to study the establishment of solar financing mechanisms to promote the development and use of solar power generation equipment.
At the same time, the World Bank and the Indian government signed a $625 million “roof-type solar grid-connected project” to provide financing for the installation of at least 400 MW of rooftop solar systems throughout India. The World Bank's International Financial Institution (IFC) will also assist Madhya Pradesh to develop a 750MW large power station in Rewa, which is expected to attract $750 million in investment.
The signing ceremony was held in New Delhi and was attended by JimYong Kim, Indian Energy Director Piyush Goyal, Finance Director Arun Jaitley and Indian Prime Minister Modi.
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