The Ministry of New and Renewable Energy (MNRE) has planned to mobilise about $2 billion from international financial institutions to fund rooftop solar projects in the next five years as part of the government’s green energy target of 1,75,000 megawatts (MW) by 2022.
The MNRE is working to get $2 billion from the World Bank and Asian Development Bank to fund the rooftop solar projects in the next five years, Upendra Tripathy, the ministry’s secretary said. The government has received a commitment of 1 million euros from KfW, a German government-owned development bank while the ministry has already got Rs 5,000 crore from domestic sources, he said.
Once the government receives the overseas funds, they can be passed on to the banks to finance the rooftop projects at softer rates of interest, Tripathy said.
Of the 1,75,000 MW of green energy, the government aims to generate 1 lakh MW from solar power and 60,000 MW from wind power. By increasing the generation, the government aims to provide green power at less than Rs 4.50 per unit in the next five to seven years, the MNRE secretary said.