A day after the World Bank committed USD 1 billion to support India's solar energy projects, the industry is upbeat about the future of the country's solar energy sector. The World Bank-supported projects include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states. The cumulative investment in solar would be the World Bank’s largest financing in this sector for any country. For the first time, funds of this scale have been assigned to the solar sector in any country, said Anurag Mundra, Joint Managing Director and Chief Financial Officer of Ujaas Energy — a solar power solutions provider. With plants producing a total of 8,000-12,000 MW coming up in the country, the World Bank's financing augurs well for the solar sector, he told CNBC-TV18. Some part of the financing will be soft loans and as part of this the World Bank will assign USD 625 million to State Bank of India , he said, adding that though Ujaas doesn't borrow its partners will benefit from such loans.
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