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Global Wind Installations Reached 1 TW Milestone in 2023


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					</table><p>Rewa Ultra Mega Solar (<a href="http://rumsl.mp.gov.in/" target="_blank" rel="noopener">RUMSL</a>) has invited bids to select a consultant for developing its environment, social, and governance (ESG) strategy.</p>
<p>RUMSL is a joint venture between the Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) and <a href="https://www.mprenewable.nic.in/" target="_blank" rel="noopener">Madhya Pradesh Urja Vikas Nigam</a> to develop solar parks in the state.</p>
<p>The last date to submit the bids is October 23, 2023. Bids will be opened the following day.</p>
<p>The International Bank for Reconstruction and Development (<a href="https://www.worldbank.org/en/who-we-are/ibrd" target="_blank" rel="noopener">IBRD</a>) will fund the project.</p>
<p>The primary objectives of the consulting services are as follows:</p>
<ul>
<li>Assist RUMSL in aligning with international sustainability standards and best practices</li>
<li>Enhance RUMSL&#8217;s capabilities in addressing climate change impacts and contributing to emission reduction</li>
<li>Provide strategic recommendations for sustainable project development, resource optimization, and stakeholder engagement</li>
<li>Support RUMSL in reporting and communicating its sustainability achievements to stakeholders</li>
</ul>
<p>The contract will come into force on the date of RUMSL’s notice to the consultant to begin carrying out the services.</p>
<p>Bidders should have provided at least two task forces on climate-related financial disclosures and related advisory services for an organization in the last three years.</p>
<p>They should have prepared at least three detailed carbon footprint assessment reports for a reputed organization in the last three years.</p>
<p>Bidders should have provided ESG policy formulation support for at least two organizations in the last three years.</p>
<p>Their minimum average annual turnover should be at least ₹500 million during the last three financial years.</p>
<p>The consultant should carry out the services with all due diligence, efficiency, and economy in accordance with generally accepted professional standards and practices. It should observe sound management practices and employ appropriate technology and safe and effective equipment, machinery, materials, and methods.</p>
<p>The consultant will bear all costs associated with the preparation and submission of its proposal, and RUMSL will not be responsible or liable for those costs, regardless of the conduct or outcome of the selection process.</p>
<p>Recently, RUMSL <a href="https://www.mercomindia.com/rumsl-tender-750-mw-wind-solar-hybrid-projects" target="_blank" rel="noopener">invited</a> bids to develop 750 MW wind-solar hybrid power projects in Madhya Pradesh on a build-own-operate basis. The developers can also propose to add storage capacity along with the projects.</p>
<p>Earlier, RUMSL had <a href="https://www.mercomindia.com/rumsl-consultancy-tender-morena-wind-solar-hybrid-project" target="_blank" rel="noopener">invited</a> bids from consultants to prepare a detailed project report to develop the Morena wind-solar hybrid project with energy storage in Madhya Pradesh.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker </a>for timely updates on all solar tenders issued by various agencies in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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RUMSL Seeks Consultant to Develop ESG Strategy


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					</table><p>The <a href="https://www.worldbank.org/en/home" target="_blank" rel="noopener">World Bank</a> has signed agreements with the Government of India and the Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) for loans and grants worth $200 million to deploy renewable energy technologies and accelerate the country’s progress towards the 500 GW renewable energy target set for 2030.</p>
<p>The agreements include a $150 million International Bank for Reconstruction and Development (<a href="https://www.worldbank.org/en/who-we-are/ibrd" target="_blank" rel="noopener">IBRD</a>) loan, a $28 million Clean Technology Fund (<a href="https://www.cif.org/topics/clean-technologies" target="_blank" rel="noopener">CTF</a>) loan, and a $22 million CTF grant.</p>
<p>These loans cover two projects – the first solar project constructed with battery energy storage systems (BESS) in the Rajnandgaon district of Chhattisgarh, and a floating solar project being developed at the Getalsud reservoir in Jharkhand.</p>
<p>The parties involved did not specify the project capacities or technologies that would be deployed.</p>
<p>“India’s transition to renewable sources of energy is one of the most critical transitions for its future.. This project will bring international experience in deploying new technologies to the sector and support India’s progress in adopting cleaner, renewable energy fuels,” said Hideki Mori, Operations Manager &amp; Acting Country Director, India, World Bank.</p>
<p>The projects aim to address constraints in commercial investments in the sector by increasing the confidence of stakeholders. They are also expected to help SECI increase market uptake by addressing the barriers to deploying new technologies at a scale.</p>
<p>The loan would support SECI with human resource and business planning, project monitoring, procurement, financial and contract management, environmental and social safeguards, and financial management.</p>
<p>“This engagement attempts to introduce nascent technologies in the renewable energy sector at a relatively larger scale. The subprojects financed under this project aim to displace fossil-fuel-based generation by positioning renewable energy to meet peak power demand, establish an ecosystem to attract private sector investments, and support institutional strengthening,” said Surbhi Goyal, Senior Energy Specialist and World Bank’s Task Team Leader for the project.</p>
<p>The loan from IBRD has a five-year grace period and a maturity of 25 years. The loan from CTF has a ten-year grace period, and a maturity of 40 years whereas the $22 million facility is an interest-free CTF grant.</p>
<p>In June this year, the World Bank <a href="https://mercomindia.com/world-bank-165-million-residential-rooftop-india/" target="_blank" rel="noopener">approved</a> $165 million to directly finance 450 MW of residential rooftop solar systems, to accelerate rooftop solar adoption and make it more affordable for consumers.</p>
<p>At Mercom India’s Solar Summit 2022, in an exclusive session, panelists <a href="https://mercomindia.com/innovative-tenders-seci-address-peak-power-rtc-concerns/" target="_blank" rel="noopener">discussed</a> how innovative tenders by SECI are helping address the challenges unique to renewable energy to meet the requirements of consumers through third-party sale and DISCOMs.</p>
<p>Mercom will be <a href="https://mercomindia.com/event/renewables-summit-2023/" target="_blank" rel="noopener">hosting</a> the Renewables Summit 2023 in April, which will include multiple sessions to discuss the progress and plans across the renewable energy sector in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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World Bank To Provide $200 Million for Two Solar Projects in India

<p>The Rewa Ultra Mega Solar Limited (RUMSL) has invited proposals from interested consultants for setting up solar parks in the state of Madhya Pradesh.</p>
<p>The International Bank for Reconstruction and Development (IBRD) will provide technical assistance for the projects through the Indian Renewable Energy Development Agency Limited (<a href="https://ireda.in/" target="_blank" rel="noopener noreferrer">IREDA</a>). RUMSL is a joint venture between the Solar Energy Corporation of India (<a href="https://seci.co.in/tenders.php" target="_blank" rel="noopener noreferrer">SECI</a>) and Madhya Pradesh Urja Vikas Nigam Limited (<a href="http://www.mprenewable.nic.in/" target="_blank" rel="noopener noreferrer">MPUVNL</a>).</p>
<p>The proposal is for six separate scopes of work.</p>
<p>The first scope is the environment and social baseline survey to identify land for the proposed solar parks in the cluster 1 (Sagar, Damoh, and Chhattarpur), cluster 2 (Morena), cluster 3 (Ratlam, Neemuch, and Mandsaur), and cluster 4 (Rewa and Satna). The last date for the submission of this bid is February 20, 2020.</p>
<p>The second scope is to conduct a survey to identify land parcels for solar projects in ravine areas of Bhind, Morena, and Sheopur districts in Madhya Pradesh. The bids for this needs to be submitted by February 20, 2020.</p>
<p>The third scope is for the installation, testing, commissioning, and post-implementation handholding support of the central remote monitoring system of projects. The last date for the submission of bids is February 24, 2020.</p>
<p>RUMSL is seeking vendors for the development of the RUMSL website. The last date for the submission of this bid is February 17, 2020.</p>
<p>Moreover, bids for RUMSL’s business plan and capacity building should be submitted by February 24, 2020.</p>
<p>Bids for media coverage, communication strategy, and its implementation need to be submitted by February 17, 2020.</p>
<p>In August last year, RUMSL had <a href="https://mercomindia.com/madhya-pradesh-environmental-assessment-solar-parks/" target="_blank" rel="noopener noreferrer">issued</a> a request for proposal for consultancy services for the environmental and social impact assessment (ESIA) of three solar parks in the state. RUMSL is in the process of developing three solar parks with a combined capacity of 1,500 MW located in Agar, Shajapur, and Neemuch districts with individual capacities of 550 MW, 450 MW, and 500 MW respectively. The districts are located in Madhya Pradesh, and the World Bank will finance the entire 1,500 MW capacity.</p>
<p>In 2018, RUMSL had <a href="https://mercomindia.com/rums-1500-mw-solar-tender-madhya-pradesh/" target="_blank" rel="noopener noreferrer">tendered</a> a total of 1,500 MW of grid-connected solar projects, which were to be developed across three solar parks in the state of Madhya Pradesh. But this is still on hold.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Madhya Pradesh’s RUMSL Seeks Consultants for Setting up Solar Parks

<p>Global financial institution <a href="http://www.worldbank.org/" target="_blank" rel="noopener">World Bank</a> is soon going to issue the first ever sustainable development notes linked to the new Global Sustainability Signatories Index.</p>
<p>Per a World Bank release, “The International Bank for Reconstruction and Development (IBRD), will for the first time, issue US dollar-denominated sustainable development notes that provide investors return exposure to the environmental, social and governance (ESG) performance of United Nations (UN) Global Compact signatories through the Global Sustainability Signatories Index 7.5 percent VC ER.</p>
<p>Swiss bank UBS will be the exclusive underwriter of this equity index-linked 7-year note and will distribute these to its investment banking and wealth management clients.  The index was created by Sustainalytics and is composed of up to 100 companies who demonstrate strong ESG performance, according to Sustainalytics ratings. The index will be administered by Solactive.</p>
<p>UBS partnered with the World Bank in the development of this transaction. It is part of UBS&#8217;s ESG investment strategy aligned with the sustainable development goals (SDGs), which includes initiatives to help UBS clients and other stakeholders support the World Bank&#8217;s development mandate.</p>
<p>The World Bank will use proceeds raised through sustainable development bonds to support the financing of projects that advance its goals of eliminating extreme poverty and boosting shared prosperity in alignment with the SDGs.</p>
<p>Arunma Oteh, World Bank Vice President and Treasurer, said, &#8220;We are delighted to broaden our partnership with UBS and bring to market another innovation that offers investors sustainable investment opportunities. Together, we will continue to focus on new ways to put capital to work to address the immense development challenges we must tackle to achieve the Sustainable Development Goals.”</p>
<p>Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, said, &#8220;We are delighted to expand our investing partnership with the World Bank. Our private clients already enjoy unique exposure to the World Bank and to leading sustainable companies through our new 100 percent sustainable cross-asset portfolio, and we look forward to developing their engagement with IBRD as one of the few fully sustainable triple-A-rated issuers.&#8221;</p>
<p>The World Bank has been committed to the goal of sustainable development of all countries, especially the ones deprived of adequate financial resources to grow in the right direction. India, for instance, has received numerous assistances from the bank for sustainable development projects.</p>
<p><a href="https://mercomindia.com/rajasthan-250-million-loan-world-bank-electricity-distribution/" target="_blank" rel="noopener">Recently</a>, the World Bank approved a $250 million development policy loan (DPL) to Rajasthan for the improvement of the state’s electricity distribution sector under the ‘24×7 Power for All’ program. This is the second loan given to the state under the planned reform. The first loan was approved in March 2017.</p>
<p>Before this, the bank also <a href="https://mercomindia.com/world-bank-eesl-energy-efficiency-program/" target="_blank" rel="noopener">announced</a> that it will provide $220 million in loans and a $80 million guarantee to India’s Energy Efficiency Services Limited (EESL).</p>
<p>The funds will be utilized for EESL’s India Energy Efficiency Scale-Up Program which is aimed at increasing energy savings in residential and public sectors, strengthening EESL’s institutional capacity and enhancing its access to commercial financing.</p>
<p>Earlier, <a href="https://mercomindia.com/world-bank-loan-bangladesh-renewables/" target="_blank" rel="noopener">Mercom reported that</a> that World Bank also approved $55 million in financing to expand the use of renewable energy in rural areas of Bangladesh that grid electricity cannot easily reach.</p>
<p>Image credit: Minsvyaz</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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World Bank to Issue US Denominated Sustainable Development Notes

<p>The <a href="http://www.worldbank.org/" target="_blank" rel="noopener">World Bank</a> has announced that it will provide $220 million in loans and a $80 million guarantee to India’s Energy Efficiency Services Limited (EESL).</p>
<p>The funds will be utilized for EESL’s India Energy Efficiency Scale-Up Program which is aimed at increasing energy savings in residential and public sectors, strengthening EESL’s institutional capacity and enhancing its access to commercial financing.</p>
<p>Under the Program, EESL will deploy 219 million LED bulbs and tube lights, 5.8 million ceiling fans, and 7.2 million street lights, which will be supplied by private sector manufacturers and suppliers.</p>
<p>The key components of the operation include: creating sustainable markets for LED lights and energy efficient ceiling fans; facilitating well-structured and scalable investments in public street lighting; developing sustainable business models for emerging market segments such as super-efficient air conditioning and agricultural water pumping systems; and strengthening the institutional capacity of EESL. Moreover, the program will help to increase private sector participation in energy efficiency, including through private sector energy service companies.</p>
<p>The $220 million loan from the International Bank for Reconstruction and Development (IBRD) has a 5-year grace period and a maturity of 19 years. The $80 million IBRD guarantee will partially cover re-payment risks to commercial lenders or investors to enable EESL to raise funds for its program.</p>
<p>The guarantee is expected to leverage some $200 million in additional financing to help EESL with its growing portfolio and future investment needs.</p>
<p>The investments under the program are expected to avoid lifetime greenhouse gas emissions of 170 million tons of carbon dioxide and contribute to avoiding an estimated 10 GW of additional generation capacity. This would be over 50 percent of the National Mission for Enhanced Energy Efficiency target of 19.6 GW indicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord.</p>
<p>“This energy efficiency program for results will help India meet its NDC commitments and move further towards a more resource-efficient growth path,” said Junaid Ahmad, World Bank Country Director in a media statement.</p>
<p>“The additional guarantee from the World Bank will support EESL to access new sources of commercial funding, diversify its investor base, and establish a track record for future access to financial markets,” he added.</p>
<p>World Bank has been one of the leading investors in India’s renewable energy sector. In 2017, Mercom <a href="https://mercomindia.com/world-bank-will-provide-100-million-develop-solar-parks-india/" target="_blank" rel="noopener">reported</a> that the government of India and the World Bank signed agreements to develop large-scale solar parks in India. As part of the agreements the World Bank agreed to provide $100 million to develop solar power generating projects in the country.</p>
<p>Moreover, last year the State Bank of India (SBI) and the World Bank also <a href="https://mercomindia.com/sbi-world-bank-extend-357-million-credit-7-indian-companies-solar-rooftops/" target="_blank" rel="noopener">announced</a> $357 million in credit facilities for seven Indian solar companies for grid-connected solar rooftop projects with an aggregate capacity of 575 MW.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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World Bank to Provide $300 Million to EESL for India’s Energy Efficiency Program

<p>The Government of India (GoI) and the <a href="http://www.worldbank.org/" target="_blank" rel="noopener">World Bank</a> have signed agreements to develop large-scale solar parks in India. As part of the agreements the World Bank will provide $100 million (~₹6.5 billion) to develop solar power generating projects.</p>
<p>The Government of India and the World Bank signed a $98 million (~₹6.4 billion) loan agreement and $2 million (~₹130 million) grant agreement, stated a World Bank release.</p>
<p>This includes a $75 million (~₹4.9 billion) loan from International Bank for Reconstruction and Development (<a href="http://www.worldbank.org/en/who-we-are/ibrd" target="_blank" rel="noopener">IBRD</a>) that will mature in 19 years and has a five-year grace period, a $23 million (~₹1.5 million) loan from the Clean Technology Fund (CTF) which has a 10-year grace period and a maturity of 40 years, and a $2 million (~₹130 million) interest-free CTF grant.</p>
<p>The “Shared Infrastructure for Solar Parks Project” will finance the Indian Renewable Energy Development Agency Limited (<a href="http://www.ireda.gov.in/" target="_blank" rel="noopener">IREDA</a>), to provide sub-loans to select states to invest in various solar parks, mostly under the Ministry of New and Renewable Energy’s (<a href="http://www.mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) solar park program.</p>
<p>The first two solar parks to be supported under the project are in the <a href="https://mercomindia.com/four-tier-rewa-payment-security-model-responsible-low-bids/" target="_blank" rel="noopener">Rewa</a> and Mandsaur districts of Madhya Pradesh, with targeted installed capacities of 750 MW and 250 MW, respectively. In addition, other states where potential solar parks could be supported under this project are in Odisha, Chhattisgarh, and Haryana.</p>
<p>The Agreement for the project was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; K S Popli, Chairman and Managing Director, on behalf of IREDA; and Hisham Abdo, Acting Country Director, World Bank India, on behalf of the World Bank. The World Bank had approved this $100 million (~₹6.5 billion) to develop solar parks in India in <a href="https://mercomindia.com/world-bank-provide-100-million-develop-solar-parks-india/">April 2017</a>.</p>
<p>Mercom <a href="https://mercomindia.com/world-bank-provide-25-million-loan-develop-transmission-rewa-solar-park/" target="_blank" rel="noopener">previously reported</a>, the World Bank Group is providing $25 million (~₹1.62 billion) to develop transmission infrastructure at the Rewa Solar Park at 0.25 percent interest rate for 40 years.</p>
<p>The Government of India is committed to set-up an enabling environment for solar technology penetration in the country. This project will help establish large-scale solar parks and support the government’s plan to install 100 GW of solar power out of a total renewable-energy target of 175 GW by 2022, said Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance.</p>
<p>Image credit: flickr</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/wendyprabhu/" class="vcard author" rel="author"><span class="fn">Wendy Prabhu</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" width="50" /></p>
<p><strong style="text-decoration: underline">Wendy Prabhu,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/wendyprabhu/" target="_blank" rel="noopener">More articles from Wendy Prabhu.</a></p>
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<div class="authorboxn">
<img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" alt="Wendy Prabhu" />Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications.  <a href="https://mercomindia.com/author/wendyprabhu/">More articles from Wendy</a><a href="https://mercomindia.com/author/wprabhu/"> Prabhu.</a></div>
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World Bank Will Provide $100 Million to Develop Solar Parks in India

<p>The State Bank of India (SBI), has issued a loan Rs.68.3 million (~$10.5 million) to Azure Power, an Indian solar power producer. The loan has been provided under the State Bank of India (SBI)-World Bank Grid Connected Rooftop Solar PV Program.</p>
<p>The loan has been granted for a period of 15 years with an interest rate of 8.35 percent per annum, according to a <a href="http://investors.azurepower.com/press-releases/2017/06-15-2017-152925158" target="_blank" rel="noopener noreferrer">release</a> by Azure. The company also stated, “The loan will be utilized to scale Azure Roof Power, Azure Power’s solar rooftop platform.”</p>
<p>The World Bank and the International Bank for Reconstruction and Development (IBRD) had <a href="https://mercomindia.com/state-bank-india-finance-100-mw-grid-connected-rooftop-solar-projects/" target="_blank" rel="noopener noreferrer">approved</a> a line of credit of $625 million to support the Indian Government’s goal to expand rooftop solar capacity to 40 GW under the SBI-World Bank Grid-Connected Rooftop Solar PV Program.</p>
<p><em>Image credit: <a href="http://www.azurepower.com/commercial/">Azure Power</a></em></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/wendyprabhu/" class="vcard author" rel="author"><span class="fn">Wendy Prabhu</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" width="50" /></p>
<p><strong style="text-decoration: underline">Wendy Prabhu,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/wendyprabhu/" target="_blank" rel="noopener">More articles from Wendy Prabhu.</a></p>
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<div class="authorboxn">
<img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" alt="Wendy Prabhu" />Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications.  <a href="https://mercomindia.com/author/wendyprabhu/">More articles from Wendy</a><a href="https://mercomindia.com/author/wprabhu/"> Prabhu.</a></div>
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