SBI to Save Rs 30cr Via Investing in Green Energy

The bank now possesses a capacity of 21.23 MW in renewable power source. According to bank, adding the current capacity to 25 MW will help it save Rs 30 Crore annually.

State Bank of India (SBI), country’s largest lender said that it expects to save Rs 30 Crore through its investment in solar and wind energy. In last eight years the bank has already saved Rs 125 Crore by putting up 10 windmills across the country.

Heavily investing in solar has built the capacity of SBI in the sector. The bank now possesses a capacity of 21.23 MW in renewable power source. According to bank, adding the current capacity to 25 MW will help it save Rs 30 Crore annually.

The bank however did not give any specifications about time by which it aims to take up the capacity to 25 MW; neither did it specify the investment details.

On World Earth Day, SBI said it has set up 151 solar rooftop sites that have a capacity to generate 6.23 MW of power and is committed to reduce carbon emission.

‘Energy generated through these renewable sources is solely for captive use by bank’s various offices and branches across the country, making them free of any carbon emission’ SBI said.

“With various climate action plans, we reaffirm our commitment of being a responsible corporate aligned with sustainable business practices,” chairman Rajnish Kumar was quoted as saying in the statement.

According to official statement by SBI ‘The bank has installed 10 windmills with a capacity of 1.5 MW each, including six in Maharashtra, three in Tamil Nadu and one in Gujarat since 2010 and saved over Rs 125 Crore in energy costs’

Source: PTI