SBI extends Rs 2,317 crore for rooftop solar power projects

The State Bank of India (SBI) on Monday announced sanction of Rs 2,317-crore credit facilities to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar, and Hero Solar Energy, for executing rooftop solar projects with aggregate capacity of 575 Mw. 

The sanction is towards financing grid-connected rooftop solar projects under the SBI-World Bank (WB) Programme. SBI has availed a line of credit of $625 million from World Bank for lending to viable grid-connected rooftop solar projects undertaken by photovolatic (PV) developers and end-users, an official statement said.

Financing is being provided to those with sound technical capacity, relevant experience, and creditworthiness, meeting SBI standards, it said. 

SBI has so far sanctioned 43 projects with aggregate credit facilities of Rs 2,766 crore under the programme. This would add 695 Mw of solar rooftop capacity to the grid, and is a significant step towards meeting the government’s target of 40 Gw of solar rooftop installations. 

With this programme, SBI aims to contribute to the development of the burgeoning rooftop solar market in the country which until now was being held back by lack of targeted financing.