India is set to get a $1.1bn loan from German Government-owned development bank KfW to implement rooftop solar projects in the country.
The Indian Ministry of New and Renewable Energy Upendra Tripathy was cited by Reuters as saying that the German bank has already offered approximately $1.55bn (€1.38bn) to develop a ‘green corridor’ of power lines through nine Indian states.
Indian Prime Minister Narendra Modi visited the European nation last month during which the countries furthered discussions about the rooftop solar developments.
Tripathy said: "The prime minister discussed this and KfW in principle agreed to examine our request.
"We are looking for low-cost loans."
The German bank had previously informed about its intention to support the power transmission project in the Asian country with a €1bn euro loan.
India has also sought funding from the World Bank and the Asian Development Bank for $750m and $500m respectively to boost its renewable energy portfolio.
In the last fiscal year ending 31 March 2015, the country has invested $4bn on green energy projects, compared to $3.4bn investment during the previous financial year.
Renewable power generation capacity in the country had also seen a growth of 12%, compared to the previous year.
India expects its renewable energy industry to offer around $160bn in business opportunities over the following five years, which makes it a major attraction for the global energy development firms.
Image: India is also seeking funds from the World Bank and the Asian Development Bank for renewable energy developments. Photo: courtesy of pakorn / FreeDigitalPhotos.net