Planning One of the World’s Largest Solar Parks in India
One of the largest solar parks in the world, at 2 GW, is planned for construction in Pavagada Taluk in the Karnataka state of India.
The Asia Sustainable and Alternative Energy Program (ASTAE) financed a grant for the Bank team to prepare the groundwork for developing its own lending to the Pavagada solar park and similar projects elsewhere in India.
The solar park is based on a unique land leasing model where ownership of land remains with the farmers. Along with annual land lease payments, farmers can also gain tangible community benefits such as educational, health, and water initiatives through cooperative societies. More than 2,000 famers are in the process of signing leases for around 11,000 acres of land.