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State Bank of India secured $625 million from World Bank for Solar programme

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State Bank of India has signed agreements with the World Bank for $625 million to support grid connected rooftop solar programme in the Country

SBI Capital Markets was keen advisor for structuring and setting up the facility

Signed by:

  • Karnam Sekar, Deputy Managing Director, SBISBi1
  • Onno Ruhl, Country Director, World Bank India

Delegates:

  • Finance Minister Arun Jaitley
  • Union Power Minister Piyush Goyal
  • World Bank President Jim Yong Kim
  • Economic Affairs Secretary Shaktikanta Das

Focuses:

  • Enhancing the investment for Solar Photo Voltaic Projects
  • Increase the ease of doing rooftop business through technical assistance
  • To strengthen the capacity of key organizations
  • Support development of the overall solar rooftop Photovoltaic Markets

Benefits of the programme:

  • Help SBI in financing grid connected rooftop solar photovoltaic projects at affordable rates
  • Will mobilize the market and support the government to faster achieve its target to achive 40 GW of electricity from installation of rooftop solar Photo Voltaic Panels

Key Aspects:

  • The Commercial, Industrial and Institutional rooftops will be used to set up solar Photo voltaic projects
  • The beneficiaries under the facility would be developers, aggregators and end users
  • Initial target: 400 Mega watt