KfW to lend 150 million Euros to SBI for solar projects financing

17 Nov 2022 , 08:52 AM

The German development bank, KfW has agreed to lend 150 million euros to the State Bank of India, or Rs1,240 crore, to build solar projects.

The bank stated in a statement on Wednesday that the long-term loan, provided as part of the Indo-German solar collaboration, will facilitate new and future capacities in the solar industry and further contribute to the nation’s goals stated during the COP26.

According to Ashwini Tewari, managing director of SBI, who talked to ET, “The successful completion of the phase-1 under the solar partnership–promotion of solar/PV between SBI and KfW–paves the way for the current phase-2 in our cooperation with this German lender.”

He continued by saying that the bank has advanced sustainable financing strategies with this facility, helping the country achieve its targets for renewable capacity while preserving environmental and social norms.

A memorandum of agreement was signed in 2015 by Berlin and New Delhi to promote solar energy through financial and technological collaboration. Germany declared its readiness to offer India concessional loans through KfW in the amount of 1 billion euros through this deal.

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