Solar Rooftop Investment Program (SRIP) – The Asian Development Bank (ADB) has approved a $240.5 million loan to finance rooftop solar systems in India. This funding will support the second and third tranches of the Solar Rooftop Investment Program, focusing primarily on residential installations.
This loan aims to expand renewable energy access, it will l help more households and businesses adopt solar power. This aligns with India’s target of achieving 50% of its installed electric power capacity from non-fossil fuel sources by 2030. Rooftop solar contributes to reducing greenhouse gas emissions and mitigating climate change.
The loan will be disbursed through the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to developers and end-users for the installation of rooftop solar systems across India.
Solar Rooftop Investment Program (SRIP)
The Solar Rooftop Investment Program (SRIP) is a multitranche financing facility initiated by the Asian Development Bank (ADB) in 2016 to support the expansion of rooftop solar installations in India. The program was initially approved for $505 million and was restructured in 2023 to focus primarily on residential rooftop solar systems.
The recent approval of the $240.5 million loan by ADB covers the second and third tranches of the SRIP. This funding aims to increase the adoption of solar power among households and businesses, contributing to India’s renewable energy targets and its commitment to reducing carbon emissions.
The ADB provides loans to intermediaries like the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD), who then disburse the funds to developers and end-users for the installation of solar rooftop systems.
The program also includes a component for technical assistance to support the development of the solar rooftop market in India.
The SRIP plays a crucial role in promoting the growth of rooftop solar in India, which is considered a key element in achieving the country’s ambitious renewable energy goals.