State Bank of India, India’s largest commercial bank, has sanctioned the credit facilities worth INR 23.17 billion ($357 million) to seven solar project developers, several local newspapers reported.
The loan will help in financing 575 MW in India under SBI-World Bank grid-connected rooftop installations Program.
The seven companies include – JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar and Hero Solar Energy.
The SBI chairman, Rajnish Kumar, stated in a press conference, “The bank has an outstanding loan of INR 120 billion ($1.85 billion) to solar energy projects, and bad loans are negligible in this sector.”
SBI has availed a line of credit of $625 million from World Bank for on-lending to viable grid-connected rooftop solar projects for commercial, institutional and industrial buildings.
So far, SBI has sanctioned 43 rooftop projects with total capacity of 695 MW worth INR 27.66 billion ($427 million).