SBI secures $625 million from World Bank for solar programm

India’s largest lender State Bank of India (SBI) has signed an agreement worth 4,200 crore rupees ($625 million) with the World Bank to support its grid connected rooftop solar photovoltaic (GRPV) programme.

The programme also aims at improving the investment climate for solar PV, and increase the ease of doing rooftop business. It will also support development of the overall solar rooftop PV market.

Key Facts

  • Under GRPV programme, at least 400 MW solar capacity will be created across the country.
  • This agreement will help SBI to finance grid connected rooftop solar photovoltaic projects at very competitive rates.
  • The investment climate for solar PV projects will be improved through technical assistance to strengthen the capacity of key institutions.
  • The eligible beneficiaries under the programme would be developers, aggregators and end-users.
  • Mainly they will set up solar projects on commercial, industrial and institutional rooftops.

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Categories: Banking Current Affairs 2017India Current Affairs 2017

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