SBI funds 100 MW rooftop solar projects under World Bank programme

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State Bank of IndiaBSE 0.02 % (SBI) today announced financing of 100 MW rooftop solar projects worth Rs 400 crore for private developers under a World Bank programme.

This would add at least 100 MW of rooftop solar capacity to the grid, and is a significant step towards meeting the government’s target of 40 GW of rooftop solar installations, SBI and World Bank said in a joint statement.

“SBI has availed loan of USD 625 million from the World Bank for on-lending to SBI has availed loan of USD 625 million from the World Bank for on-lending to viable Grid-Connected Rooftop Solar PV (GRPV) projects undertaken by PV developers/aggregators and end-users, for installation of rooftop solar systems on the rooftops of commercial, institutional and industrial buildings,” the statement said.

The implementation of the programme by the SBI will support the installation of more than 600 MW of rooftop solar capacity.

With the World Bank funded capacity development programme, SBI is making efforts to expand and incentivise the market for rooftop solar power by way of low cost financing.

Financing is being provided to those with sound technical capacity, relevant experience, and creditworthiness, meeting the SBI standards, it said.
The developers that the SBI will be financing under this programme include Azure Power, Amplus, and Cleanmax amongst others. The capacity of the projects and programmes financed range from 25kWp to 16MW.

“With the World Bank loan, SBI aims at developing the nascent rooftop solar market. As a tropical country, India has a huge potential to be the leader in the rooftop solar space,” said Karnam Sekar, Deputy Managing Director, SBI.

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