FP081

Line of Credit for Solar rooftop segment for commercial, industrial and residential housing sectors

Line of Credit for Solar rooftop segment for commercial, industrial and residential housing sectors

  • Status Under implementation
  • Date approved 01 Mar 2018 at B.19
  • Est. completion 20 Mar 2024
  • ESS Category Intermediation 3

Enabling access to long-term, affordable finance for solar rooftop installation projects in commercial, industrial and residential housing sectors in India, including vulnerable communities. 

India is the world's fourth largest carbon emitter, responsible for 6 per cent of global greenhouse gas emissions. In its Nationally Determined Contribution (NDC), the Government of India has stated its ambition to achieve 40 percent cumulative electric power capacity from non-fossil fuel-based energy resources by 2030 - with a target of 40 GW of rooftop solar power by 2022.

The programme will enable access to long-term and affordable financing for the construction of 250 MW of rooftop solar capacity in India and thereby reduce emissions by 5.2 million tonnes of CO2 equivalent over 20 years. This pioneering private sector-driven initiative will unlock private sector investment in the rooftop solar market and pave the way toward a sustainable bankable model in India and beyond.

The project has an estimated lifespan of 20 years.

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

30 Nov 2017 - 92 days

Funding proposal received

30 Nov 2017

Cleared by iTAP

26 Jan 2018

Approved

01 Mar 2018 - 385 days

Approved by GCF Board

01 Mar 2018

Legal opinion on AE's Internal Approval

19 Jun 2018

FAA executed

07 Dec 2018

Under implementation

20 Mar 2019 - 995 days so far

FAA effective

20 Mar 2019

Disbursement - USD 50,000,000

22 Mar 2019

Completed

20 Mar 2024 - 833 days to go

One region

  • Asia-Pacific

One country

USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing50% disbursed

InstrumentAmount
LoanUSD 100,000,000
Total GCF Financing
USD 100,000,000

Cofinancing

CofinancerInstrumentAmount
Co-FinancingLoanUSD 100,000,000
Co-FinancingEquityUSD 50,000,000
Total Co-Financing
USD 150,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 32 4458 6338 (KST)
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155 (KST)
Send e-mail

Accredited Entity

National Bank for Agriculture and Rural Development (India)
Mr. Govinda Rajulu Chintala
Chairman
Plot C-24, G Block, Bandra-Kurla Complex, PB No.8121, Bandra (East), Mumbai, India
Phone +91 22 2653 0000
chairman@nabard.org
Mr. Nilay D Kapoor
Chief General Manager
Plot C-24, G Block, Bandra-Kurla Complex, PB No.8121, Bandra (East), Mumbai, India
More contacts

National Designated Authority

India
Ministry of Environment, Forests and Climate Change
Ms. Richa Sharma
Additional Secretary
Prithvi Wing, 3rd Floor, Indira Paryavaran Bhavan Jor Bagh Road,, New Delhi, India
Phone 011-24695288
sricha@ias.nic.in