The State Bank of India (SBI), has issued a loan Rs.68.3 million (~$10.5 million) to Azure Power, an Indian solar power producer. The loan has been provided under the State Bank of India (SBI)-World Bank Grid Connected Rooftop Solar PV Program.
The loan has been granted for a period of 15 years with an interest rate of 8.35 percent per annum, according to a release by Azure. The company also stated, “The loan will be utilized to scale Azure Roof Power, Azure Power’s solar rooftop platform.”
The World Bank and the International Bank for Reconstruction and Development (IBRD) had approved a line of credit of $625 million to support the Indian Government’s goal to expand rooftop solar capacity to 40 GW under the SBI-World Bank Grid-Connected Rooftop Solar PV Program.
Image credit: Azure Power
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.