India signs loan agreement with World Bank for “Shared Infrastructure for Solar Parks Project (SISPP)”

The Government of India (GoI) has signed a $98 million loan agreement and $2 million grant agreement with World Bank (WB) for “Shared Infrastructure for Solar Parks Project (SISPP)”. The project will finance the Indian Renewable Energy Development Agency Limited (IREDA), to provide sub-loans to select states to invest in various solar parks, mostly under the Ministry of New and Renewable Energy’s (MNRE) Solar Park Scheme. The purpose of the project is to increase solar generation capacity through establishment of large-scale parks in the country. The project will help establish large-scale solar parks and support the government’s plan to install 100 Gigawatts (GW) of solar power out of a total renewable-energy target of 175 GW by 2022.