Punjab National Bank receives $100 million from ADB

The Asian Development Bank (ADB) has approved the first tranche of the $500 million multitranche finance facility for funding the Solar Rooftop Investment Program approved by ADB in 2016. The first tranche worth $100 million will be given to the Punjab National Bank. This will help it finance large solar rooftop systems on industrial and commercial buildings in several states. The Government of India is acting as a guarantor of the loan. Out of the $500 million, $330 million will be provided from ADB’s ordinary capital resources and $170 million from the Clean Technology Fund (CTF). The CTF has provided the entire first tranche of the loan.