ADB backs India’s solar ambitions with $240.5M fund

The Asian Development Bank (ADB) has approved a $240.5 million loan package to promote rooftop solar installations in India. This funding is part of the Solar Rooftop Investment Program, refocused in 2023 to prioritize residential solar rooftops. ADB’s support aligns with India’s goal to derive 50% of its electricity from non-fossil fuel sources by 2030, particularly through initiatives like the Prime Minister Surya Ghar program. According to ADB, this initiative will decentralize electricity generation, reducing strain on India’s power grids and enhancing energy self-sufficiency. The State Bank of India and National Bank for Agriculture and Rural Development will administer the financing, with ADB allocating $90.5 million from its Clean Technology Fund to SBI and $150 million to NABARD. This funding will support India’s transition to clean energy and reduce transmission losses.