India’s Solar Mission gets $1 billion loan from the World Bank

Exacerbation of world’s environmental conditions has forced all the nations to take a step forward to the clean energy. India whereas seems to take a bigger leap. On Thursday The World Bank announced $1 billion in support of India’s ambitious solar generation plans. This is largest financing of solar projects by World Bank for any country in the world.
The announcement came as the World Bank President Jim Yong Kim met Prime Minister Narendra Modi, who emphasized the importance of adequate climate change financing for countries like India, which are consciously choosing to follow an environmentally sustainable path.
Dr. Kim, who says he is a “big fan” of the Prime Minister, said that one of the reasons why he always appreciates his meetings with Mr. Modi is that, “he always pushes us to move faster and faster – to keep pace with him”. “The reason I’m such a big fan of Prime Minister Modi is because he does something that all great leaders should do, that is set ambitious targets, set deadlines for those targets and then hold your staff accountable for those targets…That is a tried and proved method of getting results”. He also said that Prime Minister Modi, “understands the World Bank almost better than we do ourselves because he began making very specific demands on priority areas like Swachh Bharat and 24/7 power for all.”
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. The commitment includes an agreement for a $ 625 million grid-connected rooftop solar programme for financing the installation of at least 40 megawatts of solar photovoltaic installations.

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