The State Bank of India (SBI) today announced financing of rooftop solar projects worth Rs 400 crore, with private developers. This would add at least 100 Mw of rooftop solar capacity to the grid, and is a significant step towards meeting the Central government’s target for 40 Gw of rooftop solar installations.
SBI has availed the loan of $625 million from the World Bank for on-lending to viable Grid-Connected Rooftop Solar PV (GRPV) projects undertaken by PV developers/aggregators and end-users, for installation of rooftop solar systems on the rooftops of commercial, institutional and industrial buildings. Implementation of the program by SBI will support the installation of more than 600 Mw of rooftop solar capacity. With the World Bank funded capacity development program, SBI is making efforts to expand and incentivize the market for rooftop solar power by way of low-cost financing. Financing is being provided to those with sound technical capacity, relevant experience, and creditworthiness, meeting SBI standards.
Developers that the SBI will be financing under this programme include Azure Power, Amplus, and Cleanmax amongst others. The capacity of the projects and programme financed range from 25kWp to 16Mw. Read more
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