The Asian Development Bank (ADB) has approved $240.5 million in loans to finance rooftop solar systems in India that will help the government expand energy access using renewable energy.
The financing will support tranches 2 and 3 of the multitranche financing facility solar rooftop investment program approved by ADB in 2016. The program was restructured in 2023 to focus on deploying residential solar rooftop systems. The financing will be made available to the State Bank of India 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. ADB will provide SBI $90.5 million from its Clean Technology Fund (CTF) while NABARD will receive $150 million—comprised of $80 million from ADB’s ordinary capital resources and $70 million from CTF.
