ADB approves $240.5m loans to fund rooftop solar systems in India

MANILA: The Asian Development Bank (ADB) said on Wednesday that it has approved $240.5 million in loans to finance rooftop solar systems in India.

The financing will be available to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to provide loans to developers and end-users throughout India to install rooftop solar systems.

The ADB said it will provide the SBI with $90.5 million from its Clean Technology Fund (CTF). In comparison, the NABARD will receive $150 million, comprised of $80 million from the ADB's ordinary capital resources and $70 million from the CTF.

The ADB added that installing rooftop solar systems can benefit the overall power distribution system by reducing the technical and operational burden.  

By RSS/Xinhua