The State Bank of India (SBI) has been granted an additional €150 million low-interest loan from Germany’s KfW Development Bank to fund solar projects in India. The loan agreement was signed by the two banks as part of the Indo-German solar energy partnership.
Over 600,000 MWh of solar electricity will be generated annually by the facilities funded by this loan. Furthermore, the measures will result in an annual reduction of 500,000 tonnes of carbon dioxide emissions.
In 2017, KfW made the first €150 million loan for the financing of solar farms with capacity ranging from 50 MW to 250 MW. The financing also includes the infrastructure required to connect the solar projects to the electricity grid. The funding encourages the use of innovative and environmentally friendly technologies like automated dry cleaning of solar modules.