Solar Rooftop Investment Program (Tranche 2)

closed

3.On 25 April 2024, the SBI and NABARD, through the Government, submitted to ADB formal periodic financing requests for the tranche 2 loan to be provided to the SBI and the tranche 3 loan to be provided to NABARD. Each periodic financing request is aligned with the framework financing agreement (FFA), which was revised and agreed with the government, the SBI, and NABARD. In the revised FFA, the MFF's roadmap and policy framework are unchanged since the program continues to be a high priority for the government as it works to achieve its intended outcome of increased solar rooftop capacity in India. To enable the SBI and NABARD to implement the subsequent tranches, the MFF availability period was extended from 30 September 2023 to 30 September 2026 (for 10 years) under the major change (footnote5). Further, the Ministry of New and Renewable Energy (MNRE) became the oversight body to supervise overall program implementation in place of the PNB board. Tranches 2 and 3 are being prepared in parallel.