Savitaben Leuva is a low-income resident of India’s Gujarat state, sharing a 600-square-foot home with five other family members. Solar power has changed her life.
She now rents space atop her building to a private rooftop solar developer. The income makes a big difference in her budget, making her a proud part of India’s clean-energy drive.
As recently as 2012, India had no major rooftop solar projects. Then IFC advised the Gujarat government on an innovative public-private partnership (PPP) model. This helped an industry emerge, and today India has 1,650 MW of rooftop solar power. IFC is helping spread the rooftop model with projects in Odisha and other states—attracting $37 million in new private investment and enabling 27,000 people to gain increased access to power.
Ramping things up, this year IFC also helped Madhya Pradesh double its solar power capacity with the 750 MW Rewa Ultra Mega Solar Ltd. project. A milestone PPP, Rewa attracted $550 million in private investment. It achieved the lowest tariffs ever awarded for a solar project in India, putting solar costs on par with coal for the first time and reducing greenhouse gas emissions by a million tons per year.
Read the Report: Rooftop Solar
Watch the Video: Rewa Solar Power Plant
Read more: ifc.org/SouthAsia
IFC has invested about $1.2 billion in climate-friendly projects in India in the last five years.