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India, World Bank sign loan agreement for solar parks project

Published: Nov 20, 2017

By TIOLCORPLAWS News Service

NEW DELHI, NOV 20, 2017: PURSUANT to increase the country's solar generation capacity, a Guarantee Agreement for IBRD or CTF loan of USD 98 million and Grant Agreement for USD 2 million for the 'Shared Infrastructure for Solar Parks Project' was signed with the World Bank here on November 20, 2017. The project will help establish large-scale solar parks and support the government's plan to install 100 Gigawatts (GW) of solar power out of a total renewable-energy target of 175 GW by 2022.

The project consists of two components viz. (i) Shared Infrastructure for Solar Parks (estimated total project cost of USD 100 million, including USD 75 million in IBRD loan and USD 23 million in CTF Loan) and (ii) Technical Assistance (USD 2 million in CTF Grant). 

The agreement was signed by Mr. Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs on behalf of Government of India, and Mr. Hisham A. Abdo, Acting Country Director, World Bank India, on behalf of the World Bank. A Loan Agreement was also signed by Mr. K S Popli, Chairman and Managing Director, India Renewable Energy Development Agency Ltd. (IREDA) and Mr. Hisham A. Abdo, Acting Country Director, World Bank India, on behalf of the World Bank. 

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