In India, nearly 1 in 4 people still don’t have access to electricity. Many of them live in poor communities, where the lack of electricity prevents them from living better, more productive lives. To increase energy access for the poor, India has set unprecedented, ambitious plans to boost solar energy nationwide.
With around 300 days of sunshine every year, India has among the best conditions in the world to harness solar energy. The rapid expansion of solar power can improve the quality of life for millions of Indians, especially for its poorest citizens. It can also create thousands of jobs in the solar industry and underpin progress in all areas of development, helping the country fulfil its dream of becoming the ‘India of the future’.
The World Bank Group is moving to help India deliver on its unprecedented plans to scale up solar energy, from installing solar panels on rooftops to setting up massive solar parks. This will catapult India to the forefront of the global effort to bring electricity to all, mitigate the effects of climate change, and set the country on a path to become the ‘India of the future’.
The World Bank has already approved a $625 million loan that will support the Government of India’s Grid Connected Rooftop Solar program by financing the installation of solar panels on rooftops across India. The project draws funds together from the Bank, as well as from the Clean Technology Fund of the Climate Investment Funds (CIF), and will mobilize additional funding from public and private investors.
