The World Bank plans to invest $775 million in renewable energy segment in India anticipating that new fiscal and policy reforms announced by government will motivate the market, reported The Economic Times.
The World Bank is willing to partner with the government in boosting up clean energy investments.
“The new government has promised support to encourage renewable energy sector. India is keen to explore and experiment with its share of clean-energy technology. New policies are expected to drive the sector, inviting investments in the offing. To achieve national solar mission targets, government must provide clarity in policy, regulations and financial support encouraging lending from financial institutions.” News agency quoted Ashish Khanna, lead energy specialist.
Piyush Goyal, minister for power, Coal and Renewable Energy said that the potential and capacity of renewable sources were a part of the government’s vision for establishing energy security.
The World Bank has approved two investment projects, a $100 million Himachal Pradesh development policy loan and the $200 million Rajasthan renewable energy transmission investment program implemented by the Asian Development Bank, added the news report.
The climate investment fund aims middle-income countries with untapped resources, options to investigate, enhancing the demonstration and transfer of low-carbon renewable energy technology and sustainable transport sector.