The Indian solar energy industry will receive a new and essential push for its growth. The World Bank has, in fact, announced that $1 billion will be allocated to the financing of projects aimed at expanding solar energy production. The sum represents the most significant financial commitment in the solar sector with one single country ever taken on by the World Bank.
During his 2 day official visit to New Delhi, World Bank President Jim Yong Kim, met Indian Prime Minister Narendra Modi giving the go-ahead on the financing. The World Bank confirmed the agreement with a note: in particular, there will be a push for the installation of solar panels on roofs, infrastructure for solar parks, the development of new solar and hybrid technology as well as transmission lines for solar energy rich state. During the same meeting, Jim Yong Kim, furthermore approved a deal with the International Solar Alliance (Isa), which is headquartered in India and included 121 countries, with the goal incentivize the use of solar energy around the world. According to sources, $1000 billion will be invested by 2030.