NABARD, Tata Cleantech sign agreement for rooftop solar units

NABARD said it has signed an agreement with Tata Cleantech Capital (TCCL) to develop solar rooftop units for clients in the commercial, industrial and residential housing segments.

Mumbai: National Bank for Agriculture and
Rural Development (Nabard) Friday said it has signed an
agreement with Tata Cleantech Capital (TCCL) to develop solar
rooftop units for clients in the commercial, industrial and
residential housing segments.

As direct access accredited entity of Green Climate
Fund (GCF), Nabard has supported the proposal of TCCL to
generate more than 250 MW solar energy.

"The partnership is an attempt to unlock private
sector initiatives for creation of rooftop solar power
capacity across the country with a loan of USD 100 million GCF
for a period of 20 years," Nabard said in a statement.

The move will help achieve an estimated reduction of
emissions by 5.2 million tonnes of carbon dioxide equivalent,
it said.

Nabard's deputy managing director, H SR Dave, said the
GCF line of credit is the first step towards financing private
sector needs, which will help achieve Nationally Determined
Contributions (NDCs) under the Paris Agreement.
The country plans to achieve 40 percent of its
electric power from non-fossil fuel sources by 2030.
(Inputs from PTI )