World Bank to back India's solar power initiative

The World Bank has signed an agreement with the Indian-led International Solar Alliance to boost solar energy in developing countries by mobilizing $1 trillion in investments by 2030.

It said the agreement, signed Thursday by World Bank President Jim Yong Kim and Indian Power Minister Piyush Goyal, establishes the World Bank as a financial partner of the alliance.

The alliance was launched by India and France at the U.N. Climate Change Conference in Paris last November and includes about 120 countries that support the promotion of solar energy.

The World Bank said it also plans to provide more than $1 billion to support India's initiatives to expand solar power generation through projects including solar rooftop technology, infrastructure for solar parks and transmission lines for solar-rich states.