ADB and PNB sign $100 million loan to finance Solar Rooftop projects

The Asian Development Bank (ADB) and the Punjab National Bank (PNB) signed a $100 million loan  to be guaranteed by the Government of India that will finance large solar rooftop systems on industrial and commercial buildings throughout India.

The PNB will use the ADB funds to make further loans to various developers and end users to install rooftop solar systems. This is the first tranche loan of the $500 million multi tranche finance facility Solar Rooftop Investment Program (SRIP) approved by ADB in 2016. 
The financing includes $330 million from ADB’s ordinary capital resources and $170 million from the multi donor Clean Technology Fund (CTF) administered by ADB.  The first tranche loan of $100 million would be financed entirely from the CTF.
Static Takeaways for SBI PO Mains Exam-
  • Sunil Mehta is a New MD and CEO of PNB
  • ADB President is Takehiko Nakao and its headquarter is in Phillippines.
Source- The Indian Express


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