SBI Inks USD 165 Million Deal with World Bank to Boost Rooftop Solar Projects
The collaboration aims to bolster grid-connected rooftop solar photovoltaic projects in both residential and institutional sectors.
January 01, 2024. By Abha Rustagi
SBI's commitment to green initiatives was underscored in September when the bank declared its intent to make rooftop solar installations mandatory for residential projects financed through its long-term climate action funds, sourced from various multilateral agencies.
With outstanding forex loans amounting to USD 2.3 billion from entities such as the World Bank, the Asian Development Bank, and Germany's KfW, SBI is positioning itself as a key player in advancing sustainable projects.
Ashwini Kumar Tewari, Managing Director at SBI, highlighted the bank's vision to enforce mandatory rooftop solar installations for builders supported by its green funds, creating a comprehensive package for future home loan applicants.
Tewari further emphasized SBI's expanded focus on green initiatives, citing increased involvement in funding projects related to green buildings, battery recycling, and solar rooftop plans.
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