ADB Approves $240.5 Million for Rooftop Solar Systems in India

The Asian Development Bank (ADB) has approved a financing package of USD 240.5 million to support the deployment of rooftop solar systems in India. This funding will back the second and third tranches of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, which was initially launched by ADB in 2016. In 2023, the program was restructured to focus specifically on residential solar rooftop systems.

The approved funds will be allocated to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). These institutions will provide loans to developers and end-users across India for the installation of rooftop solar systems. The initiative aims to reduce operational burdens by generating electricity close to its point of consumption, thereby decreasing system losses and minimizing power supply disruptions.

This investment underscores ADB's commitment to supporting renewable energy development in India and contributes to the country’s efforts to enhance its sustainable energy infrastructure.