State Bank of India to lend USD 12bn in 5 yrs for renewables

The State Bank of India (BOM:500112), or SBI, will provide some INR 750 billion (USD 12.05bn/EUR 10.56bn) in financing for the installation of 15 GW of renewable power capacity at home over a five-year period.

This was unveiled by SBI chairwoman Arundhati Bhattacharya at the first Renewable Energy Global Investors Meet (RE-Invest) in India.

The interest rate will not be the same for all borrowers because every one of them will go through internal and external ratings. The size of the proposed project and its viability will also be considered, Bhattacharya said, as cited by the Press Trust of India (PTI).

SBI’s loan exposure in the power industry stands at INR 1.78 trillion, including INR 75 billion of outstanding loans dedicated to clean energy so far, she has mentioned.

In the meantime, as many as 293 firms have expressed interest in installing 266 GW of renewable power capacity over the next five years under prime minister Narendra Modi’s RE-Invest programme, the PTI said.

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