To boost India’s rooftop solar programme, The World Bank plans to introduce a $100 million (INR 739 crore).
The scheme will allow micro, small, and medium enterprises (MSMEs) to avail concessional debt financing for setting up rooftop solar units, said two people aware of the development requesting anonymity.
The World Bank is working to collaborate with SBI & MSME Ministry for the development of scheme. Expected to give boost for rooftop solar industry with giving MSME handful credit of around $1 billion.
Various firms that are not meeting up the criteria of lending from banks & other financial institutions may get benefited from this scheme.
The MSME Minister, Nitin Gadkari had already seen lately intervening in the rooftop solar industry. Rooftop solar developers urged for changes in amended net-metering policies in India.
Rooftop solar installations contribute around 22% of the set target that 175GW installed renewable energy by 2022. This will help to reduce carbon footprint by 33-35% from the 2005 levels, as part of global climate change transition commitments adopted by 195 countries in Paris in 2015.