SBI to sign $165 million LoC with World Bank for rooftop solar projects
The country’s biggest lender, State Bank of India (SBI), said that it will be signing a $165 million Line of Credit (LoC) from the World Bank in Delhi today to support grid-connected rooftop solar photovoltaic projects in residential and institutional sectors.
In September, SBI said that it plans to make home loans with rooftop solar installations mandatory for residential projects funded from the bank’s long-term climate action funds drawn down from multilateral agencies. The lender has outstanding forex loans of $2.3 billion from multilateral agencies, including the World Bank, the Asian Development Bank, and KfW of Germany.
