India extends $100 mn loan to Sri Lanka for Solar Energy Projects
Part of: GS Prelims and GS II – GS -II – International relations
- Recently, India has signed an agreement extending a USD 100 million Line of Credit (LOC) to Sri Lanka for Solar Energy projects.
- The LOC is for a period of 20 years, with an interest of 1.75%.
- It was signed between the Government of Sri Lanka and the Export-Import (EXIM) Bank of India.
- EXIM Bank is a specialized financial institution, wholly owned by the Government of India.
- LOC will help Financing various projects in Sri Lanka’s solar energy sector
India’s Initiatives for Global Cooperation Solar Energy
- Launched by the Indian Prime Minister and the French President in 2015
- ISA’ vision: To enable One World, One Sun, One Grid (OSOWOG).
- Focus: A framework for facilitating global cooperation, building a global ecosystem of interconnected renewable energy resources (mainly solar energy) that can be smoothly shared.
Schemes for Promoting Solar Energy in India
- Recently, India achieved 5th global position in solar power deployment by surpassing Italy.
- National Solar Mission aims to establish India as a global leader in solar energy by creating the policy conditions for its deployment across the country.
- Rooftop Solar Scheme: To generate solar power by installing solar panels on the roof of the houses
- Production-linked Incentive (PLI) scheme to promote manufacturing of high efficiency solar PV modules in India.