Mumbai, Jul 3 (DHNS): State Bank of India (SBI) and the World Bank (WB) have signed agreements for a facility of $625 million for supporting grid connected rooftop solar programme.

This facility will help SBI in financing grid connected rooftop solar photovoltaic (GRPV) projects at very competitive rates.  This in turn will catalyse the market and support Government of India to faster achieve its target to generate 40 gW of electricity from widespread installation of rooftop solar photo-voltaic (PV) installation, SBI said.

The eligible beneficiaries under the facility would be developers, aggregators and end-users, who wish to set up solar PV projects mainly on commercial, industrial and institutional rooftops. Through this initiative, at least 400 mW solar capacity will be created across the country, SBI said.

The scope of the programme also aims at improving the investment climate for solar PV, and increase the ‘Ease of Doing Rooftop Business’ through technical assistance to strengthen the capacity of key institutions, and support the development of the overall solar rooftop PV market, it added. 

“With around 300 days of sunshine every year, India has among the best conditions in the world to harness solar energy. The rapid expansion of solar power can improve the quality of life for millions of Indians, especially for its poorest citizens. It can also create thousands of jobs in the solar industry and underpin progress in all areas of development, helping the country fulfil its dream of becoming the India of the future,” World Bank India country director Onno Ruhl said.

SBI Capital Markets, a subsidiary of SBI, was the advisor for structuring and setting up the facility, the bank added.

Sourcing money

The programme envisages funding for rooftop solar photo-voltaic installations
The eligible beneficiaries would be developers, aggregators and end-users
The World Bank initiative wil improve the investment climate for solar PV