- Q. - Which Indian bank has got $100 million Asian Development Bank (ADB) loan to finance solar rooftop projects in India
Description Of This Question
The Punjab National Bank (PNB) has got $100 million Asian Development Bank (ADB) loan to finance solar rooftop projects in India. The loan is guaranteed by the Government of India (GoI). This is the first tranche loan of the $500 million multi tranche finance facility Solar Rooftop Investment Program (SRIP) approved by ADB in 2016. The financing includes $330 million from ADB’s ordinary capital resources and $170 million from the multi donor Clean Technology Fund (CTF) administered by ADB. The first tranche loan of $100 million would be financed entirely from the CTF. The entire cost of SRIP is estimated at $1 billion and it aims to install solar rooftop system of around 1 gigawatt capacity in India.