The Asian Development Bank (ADB) announced on Wednesday that it will extend USD 240.5 million (EUR 219.8 million) in loans to support the installation of rooftop photovoltaic (PV) arrays in India.
The approved funding will be allocated to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). SBI will receive USD 90.5 million from ADB's Clean Technology Fund (CTF), while NABARD will be granted USD 150 million, including USD 80 million from ADB's ordinary capital resources and USD 70 million from CTF.
The financing will support the second and third tranches of ADB's Multitranche Financing Facility (MFF) Solar Rooftop Investment Programme. This programme, initially approved in 2016 and restructured in 2023, focuses on enhancing residential rooftop solar deployment in India.
“ADB's support will facilitate broader adoption of rooftop solar technology, helping to meet India's growing energy needs sustainably,” the bank stated.
