The State Bank of India (SBI) has received an additional low-interest loan of €150 million from Germany’s KfW Development Bank to finance solar projects in India. The two banks signed the loan agreement this week under the Indo-German solar energy partnership.
KfW granted the first loan of €150 million in 2017 for the financing of larger solar farms with an output of between 50 and 250 MW and the infrastructure for connecting them to the electricity grid. The financing promotes the use of innovative and environment-friendly technologies such as automated dry cleaning of solar modules, which significantly reduces water consumption.
“We are helping the Indian government to meet the increasing demand for energy with environmentally sustainable means that include tapping into renewable sources of energy and steering India’s power supply towards greater use of solar energy. In this way, household and commercial electricity consumers benefit from environmentally and climate-friendly electricity generation,” said Christiane Laibach, Member of the Executive Board of KfW Group.
The plants promoted in components one and two will produce over 600,000 MWh of solar electricity annually. In addition, the measures will achieve an annual reduction of the increase in greenhouse gas emissions by 500,000 tonnes of CO2, stated KfW.
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