The World Bank approved an $890 million package to accelerate India’s national residential rooftop solar program and create jobs.
NEW DELHI
The World Bank Board of Executive Directors has approved a massive financing package to accelerate India’s national rooftop solar program. This initiative aims to bring clean energy to millions of households and create 1.7 million job opportunities across the manufacturing, installation, and service sectors.
India is working toward achieving net-zero emissions by 2070, with plans to increase non-fossil energy to sixty percent of its electricity mix by 2035. While large-scale solar projects have grown rapidly, residential adoption has remained slow. To boost this sector, the government launched the “PM Surya Ghar: Muft Bijli Yojana” to provide solar rooftops to ten million urban and rural households, cutting electricity bills and boosting local manufacturing.
The World Bank has supported India’s solar market for a decade, helping capacity grow from 500 megawatts to over 27 gigawatts. The newly approved funding includes an 820 million dollar loan from the International Bank for Reconstruction and Development, a 60 million dollar concessional loan, and a 10 million dollar grant. Additionally, the World Bank will help mobilize 4.2 billion dollars in private commercial loans.
Officials stated this program will transform the residential energy market by removing financial barriers and building the capacity of local banks, vendors, and power distribution companies. By offering collateral-free financing, the initiative ensures ordinary families can easily adopt solar power, drastically reducing their monthly household expenses while driving a green energy revolution nationwide.
