SBI extends Rs 2k crore to solar projects

SBI extends Rs 2k crore to solar projects”

This funding will create solar power capacity aggregating 575 MW. The loans will help the country move towards the government target of 100000mw power generation through solar energy by 2022.

State-run State Bank of India (SBI) on Monday announced the sanction of loans worth Rs 2,317 crore in collaboration with the World Bank to finance grid-connected solar rooftop projects in the country. The lender has availed dollar financing from World Bank to further on-lend for such projects. Rajnish Kumar, chairman, SBI, said in a press conference, "This is clean energy and capturing the biggest natural resource in India to add to the existing power capacity".

SBI has availed a line of credit of Dollars 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.

An SBI statement said the loans are intended for developers and end-users for installation of rooftop solar systems on the rooftops of commercial, institutional and industrial buildings.

"SBI has about Rs 12,000 crore of loans to the renewable sector, the non performing assets (NPAs) to the sector are negligible", Kumar added.

While SBI has availed the line of credit at cost of 90 bps above 6 month libor, it has priced the loan for its clients at 15 bps over its one year marginal cost of fund based lending rate (MCLR). In September this year, Scatec Solar signed an agreement to set up 500 megawatts of solar power capacity in Iran in a phased manner.

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