Updated: 11/24/2005; 11:44:37 PM.

Sustainable Energy for Development: People, organizations, and projects active in environmentally benign energy sources for developing countries.

daily link  Saturday, March 08, 2003

UN, banks offer cut-rate loans for solar power development in India: "The United Nations Environment Programme (UNEP) today launched a major new $7.6 million initiative with two of India's largest banking groups to offer 18,000 southern Indian households low-cost financing for clean and reliable electricity from solar power. .. In the southern Indian state of Karnataka, Syndicate Bank and Canara Bank are offering the new loans in which UNEP is "buying down" financing costs of photovoltaic solar home systems. Indian households will effectively be able to purchase systems at an interest rate of approximately 5 per cent, compared to the normal consumer lending rates of 11 to 12 per cent. The programme is made possible with support from the UN Foundation (UNF) and Shell Foundation.  By combining two banks and a number of UNEP-qualified solar home system vendors, UNF President Tim Wirth said the programme is a "market-driven approach designed to stimulate competition among vendors and ensure quality products, competitive pricing and reliable after-sales service.""

  1:17:38 PM  permalink  

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Copyright 2005 © Ken Novak.
Last update: 11/24/2005; 11:44:37 PM.