- The World Bank had announced a facility of $625 million to support India’s rooftop solar PV program in May 2016
- SBI has now officially signed the agreement to become the implementing agency for this loan facility
- This facility is set to support rooftop installations of at least 400 MW
- The Indian bank will give this facility to eligible beneficiaries including developers, aggregators and end-users
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The State Bank of India (SBI) has officially signed agreements with the World Bank for its $625 million facility for rooftop solar PV projects in India. This facility will be made available to developers, aggregators and end-users for installations on commercial, industrial and institutional rooftops.
In May, the World Bank had announced a $625 million loan to India for its rooftop solar PV program to enable installations of at least 400 MW of grid connected solar PV. SBI was announced as the implementing agency for this project (see World Bank Loan To India). The Indian bank said it will now be able to finance grid connected rooftop solar PV projects at very competitive rates.
In a brief statement issued on July 4, 2016, SBI said, “This, in turn, will catalyse the market and support the government to faster achieve its target to generate 40 GW of electricity from widespread installation of rooftop solar photovoltaic panels.”
On June 30, 2016, the World Bank announced lending $1 billion to support India’s solar power program. With this, India became the biggest solar client of the World Bank (see World Bank Support For Solar In India).
Indian rooftop solar PV space is far behind utility scale solar. At the end of March 31, 2016, the total rooftop PV capacity of the sub-continent was 740 MW. Industry experts are not very confident India will reach its 40 GW rooftop solar target as part of the 100 GW solar capacity to be installed by 2022. The Solar Rooftop Policy Coalition believes the number will only touch 13.5 GW by the scheduled year, clean energy consultancy Bridge to India thinks it will be 6.8 GW.