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Nabard signs $100-mn agreement with Green Climate Fund to boost solar power

Nabard is the NIE for Adaptation Fund of UNFCC and National Adaption Fund for Climate Change

Press Trust of India  |  New Delhi 

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The National Bank for Agriculture and Rural Development (Nabard) Saturday signed an agreement with (GCF) to infuse $100 million into the project designed to unlock private sector initiatives for the creation of rooftop capacity across India.

The $250 million project, to be executed by Tata Cleantech Capital Ltd, will receive the GCF support through Nabard, which is the National Implementing Entity (NIE) for the UNFCC-promoted Fund that supports the efforts of developing countries to respond to the challenge of climate change, the bank said in a statement.

The agreement with GCF was signed at an event held on the sidelines of ongoing COP24 in Katowice, Poland, it said.

Notably, India, which hosts International Solar Alliance, has an ambitious vision of creating 100 gw capacity it said, adding has been financing projects and installations in various other programmes as well.

Apart from GCF, is the NIE for Adaptation Fund of and (NAFCC). These funding mechanisms are being used to aid the interventions of several state governments in the areas of water, irrigation, fisheries, dairy farming, renewables in agriculture, coastal ecosystem, etc.

First Published: Sat, December 08 2018. 19:30 IST