Published On:June 3 2017
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SBI, World Bank finance ₹400-cr solar projects.
State Bank of India and the World Bank announced recently that they had financed 100 MW of rooftop solar projects worth ₹400 crore in India.
The World Bank aid helped the public sector SBI lower the lending rate to project developers, according to SBI Deputy Managing Director Karnam Sekar. “The support from World Bank has helped lowering the interest rate by 3-3.5 per cent from the 11-12 per cent lending rate for a medium-sized solar roof top project,” he said.
SBI has availed of a loan of $625 million from the World Bank for on-lending to viable Grid-Connected Rooftop Solar PV (GRPV) projects undertaken by developers, aggregators and end-users, for installation of rooftop solar systems. These will be installed on the rooftops of commercial, institutional and industrial buildings.
Through this programme, SBI will support the installation of more than 600 MW of rooftop solar capacity according to an official statement. SBI expects to fully utilise this corpus in the coming two years.
Sekar said: “We will reach the halfway mark of financing 300 MW of rooftop solar projects by 2017. About 600 MW of this financing capacity will be utilised by 2019.”