To boost clean energy, State Bank and the World Bank today announced Rs 2,317-crore credit facilities to seven corporates, including Adani Group and Hinduja Renewables, to finance grid connected rooftop solar projects which will together generate 575 mw.
JSW Energy, Tata Renewable, Azure Power, Cleantech Solar and Hero Solar Energy are the other companies that have been given sanction letters under the joint programme which will together generate 575 mw.
"Under this arrangement, signed last year, the World Bank will provide dollar funding and based on that, we will provide rupee funding to corporates," SBI chairman Rajnish Kumar told reporters here.
SBI has so far funded 43 projects worth Rs 2,766 crore under the programme. These 43 projects will add 695 mw of solar rooftop capacity to the grid.
SBI has availed of USD 625 million line of credit from the World Bank for on-lending to viable grid connected rooftop solar projects undertaken by PV developers or aggregators and end-users, for installing rooftop solar systems on commercial, institutional and industrial buildings.
Financing is being provided to those with sound technical capacity, relevant experience, and creditworthiness, meeting SBI standards, Kumar said.
The bank's renewable energy loan portfolio stands at Rs 12,000 crore.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.