State Bank of India (SBI) on Monday said it has sanctioned loans worth over Rs2,300 crore to seven companies for installations of solar rooftops with aggregate capacity of 575 megawatt. The financing for grid connected rooftop solar projects is through a joint programme of SBI and World Bank. The lender has availed dollar financing from World Bank to further on-lend for such projects.
SBI said it has availed line of credit facilities worth $625 million from World Bank. The agreement was signed in September 2016 under which SBI was to use the line of credit in five years. That the lender has so far drawn-down over 50% of the line credit and the remaining facilities are expected to be used in the next 18 months.
Including these seven companies—JSW Energy, Tata Renewable Energy and Adani Group among others—SBI has financed 43 such projects with total capacity of 695 MW. The funding was in line with government’s aim of achieving a target of 40 GW of solar rooftop installations by 2022. He also added there were no bad loan- related concerns with SBI’s Rs12,000 crore renewable energy portfolio.