Nabard signs agreement with Tata Cleantech for rooftop solar units

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 per cent of its electric power from non-fossil fuel sources by 2030.