The board of World Bank has approved a $625-million loan to support the Centre’s programme to generate electricity from rooftop solar power plants.
The Bank also approved a co-financing loan of $120 million on concessional terms and a $5-million grant from the Climate Investment Fund’s Clean Technology Fund, the global development bank said in a statement on Monday. The statement added that the sanctions will help finance installation of at least 400 MW of grid connected rooftop solar photovoltaic projects across India. State Bank of India will on-lend funds to solar photovoltaic developers and end-users who wish to invest in mainly commercial and industrial rooftop solar power systems. The financing will be provided to those with sound technical capacity, relevant experience and creditworthiness as per State Bank of India’s standards.