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India May Seek $500 Million World Bank Solar Loan

India’s renewable ministry is seeking permission from the government to apply for a $500 million World Bank loan to build its biggest proposed solar park.

The plan was submitted to the Finance Ministry’s Department of Economic Affairs, Farooq Abdullah, the minister of new and renewable energy, said today in a written reply to parliament.

The loan would finance the first 750 megawatts of a 4,000-megawatt photovoltaic park in Sambhar in western Rajasthan state that’s expected to cost about $1 billion, Abdullah said. A group of six state-owned companies including Bharat Heavy Electricals Ltd. and Hindustan Salts Ltd. are developing the project.

To contact the reporter on this story: Natalie Obiko Pearson in New Delhi at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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