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NABARD signs pact with GCF to infuse $100 mn for boosting solar power
Mumbai | December 2018

The National Bank for Agriculture and Rural Development (NABARD) on Saturday said it has signed an agreement with Green Climate Fund (GCF) to infuse $100 million into an ambitious project designed to unlock private sector initiatives for creation of rooftop solar power capacity across India.

The $250 million project, to be executed by Tata Cleantech Capital Ltd, will receive the GCF support through NABARD, which is the National Implementing Entity (NIE) for the UNFCC-promoted Fund that supports the efforts of developing countries to respond to the challenge of climate change, said the apex development bank, whose mission is to promote sustainable and equitable agriculture and rural development, in a statement.

The agreement with GCF was signed by Shankar A Pande, Chief General Manager, NABARD in the presence of A K Mehta, Additional Secretary, Ministry of Environment, Forests and Climate Change (MoEFCC) at an event held on the sidelines of ongoing COP24 in Katowice, Poland.

India, which hosts International Solar Alliance, has an ambitious vision of creating 100 gw solar power capacity. NABARD has been financing solar power projects and installations in various other programs as well.