World Bank approves $100 million funding for solar parks

The World Bank has approved funds worth $100 million for the development of solar parks in India. The funds include a $75 million loan from the International Bank for Reconstruction and Development that will mature in 19 years and has a five-year grace period, a $23 million loan from the Clean Technology Fund (CTF), which has a 10-year grace period and a maturity period of 40 years, and a $2 million interest-free CTF grant. The funds will be provided to the Indian Renewable Energy Development Agency Limited, which in turn will provide sub-loans to select states to invest in various solar parks that are included in the MNRE’s solar park programme.

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