The Asian Development Bank (ADB) has sanctioned loans worth $240.5 million for financing rooftop solar systems in India. The funding will be allocated to State Bank of India (SBI) and National Bank for Agriculture and Rural Development (NABARD) to provide loans to developers and end-users for the deployment of rooftop solar systems throughout India. SBI will be allocated $90.5 million from ADB’s Clean Technology Fund, while NABARD will receive $150 million.
This loan is to support the second and third tranches of the Multi-tranche Financing Facility Solar Rooftop Investment Programme. The programme was started by ADB in 2016 and restructured in 2023 to focus on residential rooftop solar deployment.
In May 2024, the ADB authorised a $148.5 million loan in order to strengthen Sikkim’s energy distribution infrastructure and make it more resilient to climate change.
