State Bank of India (SBI) is to lend INR23.17 billion (US$357 million) to seven companies for 575MW of grid-connected rooftop solar projects, according to Reuters.
The lending will be offered to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar and Hero Solar Energy.
Last year, SBI signed agreements with the World Bank for a US$625 million facility specifically to support India’s grid-connected rooftop solar programme and the new loans are part of that facility.
SBI already has a total loan exposure of around INR120 billion rupees to the solar sector.
In related news, Ministry of New and Renewable Energy (MNRE) has nearly finished approving all sanctions for rooftop solar subsidies and the sanctioning process will be reviewed in November.