July 4, 2016: With the aim to encourage connected rooftop solar program in India, the State Bank of India (SBI) has signed contracts with the World Bank for a $625 million solar facility. SBI, the nation’s largest lender, says that such agreements will aid in financing grid connected rooftop solar photovoltaic (GRPV) at the most reasonable price rates across India.
Furthermore, the agreements will also aid in catalyzing the market, which in turn will support the government to attain its aim of generating 40 GW of electricity in a rapid manner, from extensive set up of rooftop solar photo-voltaic panels.
Indian bank partners with World Bank for $625 m solar scheme
The contracts were signed by Karnam Sekar, deputy managing director, SBI and Onno Ruhl, country director, World Bank India. Jim Yong Kim, World Bank president, Arun Jaitley, the finance minister and Piyush Goyal, Union power minister were also present. SBI Capital Markets was the adviser for organizing and installing the solar facility.
400 MW solar power capacity
Under this scheme, it is expected that around 400 MW solar capacity will be generated across the nation. An SBI spokesperson said that the entitled beneficiaries under the solar program will be developers, aggregators and end-users, who desire to install solar PV projects chiefly on industrial, institutional and commercial rooftops.
The solar scheme also intends to improve the investment environment for solar PV, and boost the easiness of conducting solar rooftop business by providing technical support in order to reinforce the capacity of chief institutions, while providing support development of the solar rooftop PV market as a whole.