ADB okays $240.5 million loan for rooftop solar systems

The Asian Development Bank on Wednesday said it has approved $240.5 million in loans to finance rooftop solar systems in India that will help the government expand using renewable energy.

The financing will support tranches 2 and 3 of the Multi Tranche Financing Facility Solar Rooftop Investment Program of ADB.

"India aims to achieve about 50% of cumulative electric power installed capacity from non fossil fuel sources by 2030. ADB's financing supports these goals and will contribute to the Prime Minister Surya Ghar program, which encourages people to install rooftop solar systems across the country," ADB Principal Energy Specialist Kaoru Ogino said.