National Bank for Agriculture and Rural Development (NABARD), a state-owned finance development institution, has signed a US$100 million financing deal with Green Climate Fund (GCF) to promote rooftop solar power projects across the country.
GCF, a fund established by the United Nations to finance projects to counter climate change, will infuse the funds into a US$250 million project to expand solar power capacity that will be executed by private sector entity Tata Cleantech Capital, which is a joint venture between Tata Capital and International Finance Corporation.
The line of credit to help build rooftop solar projects in commercial, industrial and residential sectors is part of NABARD’s initiative to use private companies to meet the government of India’s renewable energy targets.
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