SBI to get Rs 1,400 cr loan from European Investment Bank

Aiding the State Bank of India funded solar power projects, the European Investment Bank (EIB) has sanctioned a loan of Rs 1,400 crore (EUR 200 million) to India's largest lender. The long term loan extended by EIB will substantially contribute to the setting up of five different large scale photo-voltaic solar power projects worth EUR 650 million. 

In alignment with India's National Solar mission, these solar power projects will reduce the nation's overall dependence on fossil fuel power generation, along with scaling up investment in large scale solar power generation across the nation. 

The sanctioned 20 year long-term EIB loan will enable the funding of individual projects in Tamil Nadu and Telangana, besides the financing from Indian banks and project promoters for other projects across India.  Amongst the five solar power projects, four projects are expected to have generation capacity of 530 MW. While, the technical and financial teams from both the institutions are likely to focus on the building of a world class power project towards the implementation of Paris Climate Agreement.   

EIB is one of the largest lenders in renewable energy investment across the globe. Meanwhile, owned by 28 member states of the European Union, it is also the largest international public bank in the world.