Sustainable energy development in India gets $775 million boost

The World Bank looks to invest $775 million (€570 million) in the renewable energy segment in India, after the government's newly-announced fiscal and policy reforms.

The World Bank is planning to join the government in their focus to invest in the clean energy market.

To date, the World Bank has approved two investment projects, a $100 million Himachal Pradesh development policy loan and the $200 million Rajasthan renewable energy transmission investment programme set up by the Asian Development Bank.

'The new government has promised support to encourage the renewable energy sector. India is keen to explore and experiment with its share of clean-energy technology. New policies are expected to drive the sector, inviting investments in the offing. To achieve national solar mission targets, government must provide clarity in policy, regulations and financial support encouraging lending from financial institutions,' says Ashish Khanna, lead energy specialist.