The State Bank of India (SBI) and the World Bank have signed an agreement worth USD 625 million -- around Rs 4,200 crore -- to support India in order to meet the mammoth power requirement while protecting the environment.
The World Bank will help the SBI in financing Grid Connected Rooftop Solar Photovoltaic (GRPV) projects at competitive rates.
“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 photo-voltaic panels,” reported the largest lender.
The agreement also aims at improving the investment climate for solar PV market and increase the ‘ease of doing rooftop business’ through technical assistance to strengthen the capacity of key institutions and support the development of overall solar rooftop PV market, the statement said.
Through this initiative, at least 400 MW solar capacity will be created across the country which will benefit the government’s agenda to set a target for renewable energy generation of 175 gigawatts by 2022.
The agreements were signed by Karnam Sekar, Deputy Managing Director, SBI, and Onno Ruhl, Country Director, World Bank India, in the presence of Finance Minister Arun Jaitley, Union Power Minister Piyush Goyal, World Bank President Jim Yong Kim and Economic Affairs Secretary Shaktikanta Das.