World Bank extends $100 million financial assistance for solar parks

India and the World Bank have signed a $98 million loan pact and a $2 million grant agreement for the Shared Infrastructure for Solar Parks Project. While $75 million has been extended by the International Bank for Reconstruction and Development with a maturity period of 19 years, the remaining $23 million has been provided from the Clean Technology Fund (CTF) with a maturity of 40 years. The $2 million grant, also extended by the CTF, is interest-free. The project will finance the Indian Renewable Energy Development Agency’s grant of sub-loans to states for the development of solar parks across the country.