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India,Philippines : ADB extended a $100m loan to PNB to finance large solar rooftop system deployments
Publish Date : 05-Jun-2017
The Manila-headquartered Asian Development Bank (ADB) on Tuesday has accomplished the signing of a loan agreement worth $100 million with the Indian state-owned lender Punjab National Bank (PNB) to financially support large solar installation of rooftop systems in India.
The regional lender has revealed that it has approved the funds for PNB to finance nationwide deployment of solar rooftop systems covering industrial and commercial buildings in India.
PNB has disclosed that it has will utilize the ADB money to extend additional loans to different developers and end customers to set up rooftop solar systems.
The ADB last year agreed Solar Rooftop Investment Program, and the newly approved funds represent the first tranche of the $500 million worth of finance facility sanctioned under the Program.
The regional lenders financing is comprised of $330 million from the ADB's ordinary capital resources and $170 million from the multidonor Clean Technology Fund (CTF), managed by the ADB.
The first tranche of $100 million has been fully extended by the CTF.
The ADB Country Director in India Kenichi Yokoyama disclosed, "With a sharp drop in the price of solar panels, India has a huge potential to expand its use of solar rooftop technologies.
The Indian solar rooftop market is experiencing speedy growth, and it is estimated to have overall capacity potential of 124 gigawatts of energy.
The overall cost of the complete Solar Rooftop Investment Program is pegged at $1 billion and the program will support establishment of solar rooftop systems of approximately 1 gigawatts in the country.
