NABARD to receive $100 million loan from the Green Climate Fund

The National Bank for Agriculture and Rural Development (NABARD) has received approval from the Green Climate Fund (GCF) for a $100 million loan to develop solar power projects in India. The loan is part of GCF’s strategy to aid developing countries reduce their greenhouse gas emissions to mitigate climate change and is the first private sector facility proposal approved by GCF for India. NABARD has been named as the direct access entity by GCF for channelising the fund and Tata Cleantech Capital Limited will execute the grant. Of the total funds, an amount of $250 million has been dedicated for the development of 250 MW of rooftop power capacity on commercial, industrial and residential buildings. In addition to this, NABARD will provide energy access to micro-, small- and medium-sized enterprises.