State Bank of India Floats Fund for Solar Power Projects

SBI has funded 43 rooftop solar power projects with the capacity of 475MW by availing line of credit from World Bank.

rooftop solar power projects on State Bank of India

State Bank of India has signed an agreement with seven companies for funding rooftop solar power projects. The seven companies include Adani Group, JSW Energy, Hinduja Renewables, Tata Renewables Energy, Azure Power, Cleantech Solar and Hero Solar Energy.

The bank has funded 43 rooftop solar power projects, amounting to Rs 2,317 crore with the aggregate capacity of 475 mw, by availing line of credit from World Bank. SBI has availed $625 million from World Bank.

Rajnish Kumar, SBI chairman, said, “The advantage of giving loans to solar power projects is there is no fuel supply risk unlike other power projects. Secondly, it helps in protecting mother Earth.”

He said the bank would lend to “those companies that are commercially viable and have the credential for solar (projects)”. The bank has outstanding loan of Rs 12,000 crore to solar energy projects and bad loans are negligible in this sector, he added.

Source: ET

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