Solar projects in rural India to receive $6m support

An investment worth $6 million (£3.96m) will be made to boost solar projects in rural India. Simpa Energy India Private will use the cash to develop off-grid solar systems. The […]

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By Jacqueline Echevarria

An investment worth $6 million (£3.96m) will be made to boost solar projects in rural India.

Simpa Energy India Private will use the cash to develop off-grid solar systems.

The loan from the Asian Development Bank (ADB) will help the company finance 75,000 solar home systems for both households and small businesses in 2016.

Around 225,000 systems  are expected to be installed by the end of 2018.

They are estimated to provide clean energy for almost a quarter of a million homes and small businesses and reduce more than 75,000 tonnes of carbon emissions per year.

Mohammed Azim Hashimi, Investment Specialist at the ADB’s Private Sector Operations Department said: “These funds will allow Simpa Energy to offer a cost-effective off-grid power solution to the many people in rural areas that the national electricity grid does not reach or fails to deliver power.”