SBI Funds So­lar Power Projects for Seven Firms

The Economic Times - - Finance & Commodities -

Bank of In­dia (SBI) on Mon­day signed an agree­ment with seven com­pa­nies for fund­ing so­lar power en­ergy projects. The seven com­pa­nies in­clude Adani Group, JSW En­ergy, Hin­duja Re­new­ables, Tata Re­new­ables En­ergy, Azure Power, Clean­tech So­lar and Hero So­lar En­ergy. The bank has funded 43 projects rooftop so­lar power projects, amount­ing to .₹ 2,317 crore with the ag­gre­gate ca­pac­ity of 475 mw, by avail­ing line of credit from World Bank. SBI has availed $625 mil­lion from World Bank.

Ra­jnish Ku­mar, SBI chair­man, said, “The ad­van­tage of giv­ing loans to so­lar power projects is there is no fuel sup­ply risk un­like other power projects. Se­condly, it helps in pro­tect­ing mother Earth.” He said the bank would lend to “those com­pa­nies that are com­mer­cially vi­able and have the cre­den­tial for so­lar (projects)”. The bank has out­stand­ing loan of .₹ 12,000 crore to so­lar en­ergy projects and bad loans are neg­li­gi­ble in this sec­tor, he added.

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