The Asian Development Bank (ADB) is backing India’s solar power sector by extending loans of up to $100 million (£65.6m).
The cash will help ACME Energy – backed by two French renewable energy firms – roll out 200MW of solar power plants in India.
The total capacity will provide 380,000MWh of electricity every year, avoiding around 280,000 tons of carbon emissions.
Isabelle Chauche, Investment Specialist in ADB’s Private Sector Operations Department said: “Solar and other renewable power sources are essential for India’s energy diversification and security and for underpinning the country’s long term growth.”
ACME Energy has a pipeline of solar projects that will generate more than 350MW of clean energy.