State Bank of India has inked agreements with the World Bank for a $625 million (around Rs 4,200 crore) facility to support the grid-connected rooftop solar programme in the country.
This will help SBI finance grid-connected rooftop solar photovoltaic (GRPV) projects at very competitive rates, the country's largest lender. This in turn will catalyse the market and support the government to faster achieve its target to generate 40 GW of electricity from widespread installation of rooftop solar photo-voltaic panels.
The eligible beneficiaries under the facility would be developers, aggregators and end-users, who wish to set up solar PV projects mainly on commercial, industrial and institutional rooftops. Through this initiative, a solar capacity of at least 400 MW will be created across the country.