The World Bank has announced it plans to provide more than $1 billion (£0.7bn) to support India’s ambitious solar initiatives.
Some of the projects under preparation include rooftop solar, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states.
India plans to install at least 400MW of rooftop solar and develop a $200 million (£150m) shared infrastructure for a solar parks project under a public-private partnership model.
The investment pledged by the bank would be its largest financing of solar for any country in the world to date.
World Bank Group President Jim Yong Kim said: “India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change.
“Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy.”
The bank has also signed an agreement with an alliance of 121 countries, led by India, to collaborate on increasing solar energy use across the world.