World Bank announces $775 million of clean energy funding for India

• 10 years ago (2014-07-08)
• Junior Isles

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The World Bank has announced it will be investing $775 million in clean energy projects across India to work alongside the new government's plan to give additional funding and regulatory support to India’s renewables sector.

"The support shown by the new government towards clean energy is quite encouraging and is expected to give the much needed push to the sector and unlock pending investments," said Ashish Khanna, lead energy specialist on the World Bank’s India energy programme.

"The World Bank is ready to partner with the government in scaling up sustainable clean energy investments."

Piyush Goyal, Indian Minister for Power, Coal and Renewable Energy, recently revealed that additional support for renewable sources of energy were being prioritised as part of the government's vision for ensuring energy security.

Recently, India's clean energy sector has been attracting substantial international interest, with Welspun Energy and Renew Power seeing investments from General Electric, the Asian Development Bank and Goldman Sachs.

Gevorg Sargsyan, programme manager for climate investment fund at the Asian Development Bank, has said that two investment projects have been approved. First, a $100 million development policy loan for Himachal Pradesh and second a $200 million loan for the Rajasthan renewable energy transmission investment programme.