SBI Secures USD 625 Million from World Bank for Solar Program [ Current Affairs ]

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State Bank of India (SBI) and the World Bank have inked agreements for a $625 million (around Rs. 4, 200 crore) facility to support grid-connected rooftop solar programme (GRPV) in the country.

State Bank of India (SBI) is the india’s largest lender bank.

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Purpose:

  • The purpose of programme is to improving the investment climate for solar PV.
  • Increase the simplicity of doing rooftop business through, technical assistance to strengthen the capacity of key institutions.
  • It will also support development of the overall solar rooftop PV market.

Key details:

  • At least 400 MW solar capacities will be created across the country Under GRPV programme.
  • This will help SBI in financing grid connected rooftop solar photovoltaic projects at very competitive rates.
  • Through the technical assistance to strengthen the capacity of key institutions, the investment climate for solar PV projects will be improved.
  • The eligible beneficiaries under the programme facility would be developers, aggregators and end-users.
  • They will set up solar projects on commercial, industrial and institutional rooftops.
  • SBI Capital Markets was the advisor for structuring and setting up the facility.
  • The agreements were signed by Karnam Sekar, deputy managing director SBI and Onno Ruhl, Country Director, World Bank India.

- Published on: July 5, 2016