The State Bank of India (SBI) will be signing a USD165 million line of credit (LoC) with the World Bank.
This funding aims to support grid-connected rooftop solar photovoltaic projects in residential and institutional sectors. In September 2023, SBI announced 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 USD2.3 billion from multilateral agencies, including the World Bank, the Asian Development Bank, and KfW of Germany. The company will also be signing EURO200 million LoC from European Investment Bank for supporting climate action projects in India.