Giving a major boost to India’s solar power ambition, the World Bank announced funding support of $1 billion for expansion of solar power capacity in India. The multi-lateral lender also signed an agreement with India-led International Solar Alliance (ISA), consisting of 121 countries to collaborate on increasing solar energy use across the world, with a goal to mobilize $1 trillion in investments by 2030. The agreement with ISA would help mobilise a global movement towards climate-friendly future. These combined investments for India would be the Bank’s largest financing of solar for any country till date.
The agreement signed in the presence of visiting World Bank President Jim Yong Kim, Finance Minister Arun Jaitley and New and Renewable Energy Minister Piyush Goyal, entails the Bank to develop a road map to mobilise financing for development and deployment of affordable solar energy, and work with other multilateral development banks and financial institutions to support solar energy development. Further, India’s plans to triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change. Accordingly, the World Bank will help India meet its ambitious targets, especially around scaling up solar energy.
Separately, the central government has also signed an agreement for the $625 million Grid Connected Rooftop Solar Programme with the World Bank which will finance at least 400 mw of solar photovoltaic (PV) installations. Besides, the development of a $200 million Shared Infrastructure for Solar Parks Project under a public-private partnership model is also under preparation. The World Bank supported projects in the works include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: