Web Exclusive | April 2017
EIB confirms EUR200 mn long-term loan for large scale solar projects
The European Investment Bank confirmed new support for solar power generation in India in partnership with the State Bank of India. The EUR 200 million (Rs 1,400 crore) long-term loan will support total investment of EUR 650 million in five different large-scale photo-voltaic solar power projects and contribute to India’s National Solar mission and reduce dependence on fossil fuel power generation. Four schemes across the country, with a generation capacity of 530 MW (AC), have already been identified.
The loan agreement was formally announced in New Delhi ahead of the inauguration of the first permanent presence in India of the European Investment Bank by Finance Minister Jaitley, European Investment Bank President Werner Hoyer and Vice President Andrew McDowell, responsible operations in India and South Asia. “The new cooperation between the State Bank of India and the European Investment Bank will scale up investment in large scale solar power generation across India. Close cooperation between technical and financial teams from both institutions will ensure that world class projects are supported.” highlighted B Sriram, Managing Director, State Bank of India.
The entire process of arranging the loan was facilitated by SBI’s subsidiary, SBI Capital Markets.