Future Of Solar Power Gets Brighter: NABARD And UN GCF Sign $100 Million Agreement To Boost Coverage In India

NABARD has signed an agreement with the Green Climate Fund (GCF) to fund $100 million into a project that will substantially improve the involvement of private players in the creation of rooftop solar power capacity across India, as reported by The Hindu BusinessLine (BL).

National Bank for Agricultural and Rural Development (NABARD), a statutory body under the Union government, is the apex institution responsible for creating an empowered and financially inclusive rural India.

GCF is a unique initiative of the UN (United Nations) that invests in “low-emission and climate-resilient development.”

“The $250 million project will be executed by Tata Cleantech Capital Ltd. Tata Cleantech Capital Ltd., will receive the GCF support (of $100 million) through NABARD, which is the National Implementing Entity (NIE) for the United Nations Framework Convention on Climate Change (UNFCCC)-promoted fund that supports the efforts of developing countries to respond to the challenge of climate change,” said a statement released by NABARD.

India has set itself an ambitious target of installing 175 GW of renewable energy in the country by 2022, out of which 100 GW will come from solar energy. Out of the 100 GW solar power, 40 GW will be derived from rooftop solar panels.

Also Read: Why The World Is Betting High On India’s Renewable Energy Sector