The World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) has issued a $197.67 million five-year guarantee to Citibank N.A. for its non-shareholder loan to the State Bank of India (SBI).

SBI will use the guarantee to refinance the remaining principal of a $500 million loan from the World Bank it received in 2016 for its Grid-connected Rooftop Solar Photovoltaic (GRPV) systems program, launched in the same year.

The loan funds a national program to deliver these systems to commercial and industrial consumers across India. The GRPV was financed through the World Bank Group’s International Bank for Reconstruction and Development (IBRD).

In 2017, SBI and World Bank announced ₹23.2 billion ($357 million) in credit facilities for seven Indian solar companies that will be used to develop grid-connected solar rooftop projects with an aggregate capacity of 575 MW.

Citibank acted as sole lender, lead arranger, facility agent, and MIGA coordinator for this financing.

The latest IBRD Implementation Report confirmed that the program achieved the installation of 1,004 MW of grid-connected rooftop systems.

Citibank and MIGA had collaborated with SBI on a similar financing program in 2024. SBI also signed a $165 million line of credit from the World Bank in 2023 to finance grid-connected rooftop solar projects in the residential and institutional sectors.

MIGA stated that the latest financing will also help SBI reduce its borrowing costs and diversify its borrowing sources. The guarantee will free up headroom for SBI for additional World Bank lending to the Indian government by transferring the loan to Citibank’s balance sheet.

Public sector banks approved more than 579,000 loan applications worth ₹109.07 billion (~$1.23 billion) under the PM Surya Ghar: Muft Bijli Yojana, as of September 2025, according to the Ministry of Finance.

India added 4.9 GW of rooftop solar capacity in the first nine months of the calendar year 2025, compared to 1.9 GW in the previous year, a 161% year-over-year increase, according to Mercom India’s newly released Q3 2025 India Rooftop Solar Market Report.