World Bank Approves $890 Million Financing for India's Rooftop Solar Program

The World Bank’s Board of Executive Directors approved a financing package of about $890 million to support India’s national rooftop solar initiative, the PM Surya Ghar: Muft Bijli Yojana. The package includes an $820 million loan from the International Bank for Reconstruction and Development, a $60 million concessional loan from the Clean Technology Fund and a $10 million grant from the IBRD’s Livable Planet Fund. In addition, the Bank will mobilise roughly $4.2 billion of private commercial loans to help households install rooftop solar systems.

The programme aims to install solar rooftops for 10 million rural and urban households, reduce electricity costs and boost local manufacturing of solar equipment. It is projected to create about 1.7 million jobs across the renewable‑energy manufacturing, installation and services value chain and to help India meet its net‑zero target by 2070 and a 60% non‑fossil electricity share by 2035.