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India extends $100 mn loan to Sri Lanka for Solar Energy Projects

Part of: GS Prelims and GS II – GS -II – International relations

In news

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

International Solar Alliance (ISA):

- Launched by the Indian Prime Minister and the French President in 2015
- ISA’ vision: To enable One World, One Sun, One Grid (OSOWOG).

One Sun, One World, 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.

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