Looking for more articles on business? Create your own custom news feed.

Get started
article

India's State Bank to lend $357m for rooftop solar projects

Save It Saved

India’s State Bank (SBI) is to lend INR23bn ($357m) to seven companies for rooftop solar PV projects.

Companies winning funding include Tata Power Renewable Energy, the Adani Group, JSW Energy, Hero Solar Energy and Hinduja Renewables for rooftop projects totalling 575 MW.

As part of its effort to add renewables to its portfolio, SBI has already funded 36 rooftop solar projects from a $625m line of credit it received from the World Bank in September 2016.

This week’s announcement brings the total number of projects funded to 43, with SBI aiming to lend the full World Bank credit line for solar projects in the coming 18 months.  

SBI’s portfolio of renewables-related loans totals about INR120bn.

The funding aims to help India reach its target of installing 100 GW of solar power capacity by 2022, of which 40 GW is planned to be rooftop projects.

 

 

 

Suggestions For You: