SBI sanctions ₹2,317 crore for financing solar power projects
State Bank of India on Monday announced sanction of credit facilities amounting to ₹2,317 crore to corporates for financing Grid Connected Rooftop Solar projects under an SBIWorld Bank programme.
This funding will create solar power capacity aggregating 575 MW.
India’s largest bank sanctioned loans to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar and Hero Solar Energy.
SBI Chairman Rajnish Kumar said players in the renewable energy space can avail loans for establishing grid connected rooftop solar projects at the bank’s marginal cost of funds based lending rate plus 15 basis points.
The bank currently has a renewable energy loans portfolio of ₹12,000 crore with nearly nil non-performing assets (NPAs), he added.
Kumar said care will be taken to extend loans only to those renewable energy projects that are viable.