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21 June, 2018 06:03 IST
SBI extends Rs 23.17 bn for rooftop solar power projects
Source: IRIS | 31 Oct, 2017, 10.15AM
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State Bank of India (SBI), the country's largest commercial bank, announced today the sanction of credit facilities amounting to Rs 23.17 billion with aggregate capacity of 575 MW to corporates towards financing Grid Connected Rooftop Solar projects under the SBI-World Bank (WB) Programme.

In the conference organised by SBI on Grid Connected Rooftop Solar projects for large corporates of the Bank, (Q,N,C,F)* the sanction letters were handed over to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar and Hero Solar Energy by Rajnish Kumar, Chairman SBI in the presence of top management of SBI and officials from the World Bank.
 
SBI has availed a line of credit of USD 625 million from World Bank for  on-lending to viable Grid Connected Rooftop Solar projects undertaken by  PV developers/aggregators and end-users, for installation of rooftop solar systems on the rooftops of commercial, institutional and industrial buildings. Implementation of the program by SBI will support the installation of around 800 MW of rooftop solar capacity.

With the World Bank funded capacity development program, SBI is making efforts to expand and incentivize the market for rooftop solar power by way low cost financing.  Financing is being provided to those with sound technical capacity, relevant experience, and creditworthiness, meeting SBI standards. SBI has so far sanctioned 43 projects with aggregate credit facilities of Rs 27.66 billion under the programme. This would add 695 MW of solar rooftop capacity to the grid, and is a significant step towards meeting the Government of India‚Äôs target of 40 GW of solar rooftop installations. 

Shares of the bank declined Rs 3.4, or 1.09%, to trade at Rs 308.70. The total volume of shares traded was 269,551 at the BSE (10.03 a.m., Tuesday).

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