The financial agreement between State Bank of India and World Bank has resulted in investment of USD625 million into solar energy sector of India

India: State Bank of India (SBI) has inked a deal with World Bank to obtain a loan of USD625 million for the development of solar energy generation in the country. The investments provided by World Bank are aimed at harnessing the solar energy potential in India which is considered to be one of the highest in the world. The financial support from the World Bank will help SBI in financing grid connected rooftop solar projects at competitive rates.

TechSci Research finds out that solar equipment business is on the verge of huge expansion on account of increasing government focus on clean energy generation in the country. The development of national solar mission would provide huge impetus to solar energy business in the country. The increasing penetration of solar power in the energy mix of the country will help in reduction of greenhouse gases emissions from power sector of India.

According to a recent report published by TechSci Research “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020, wherein solar energy would be generated by employing photovoltaic (PV) and concentrated solar power (CSP) technologies across the country. Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years.