• The loan agreement will finance solar power projects in India under Indo-German Solar Partnership
Mumbai, November 16, 2022: State Bank of India (SBI), the country's largest lender, has signed a EUR 150 million (~INR 1240 Crores) loan agreement with KfW, the German development bank. The loan agreement was signed by Shri S. Salee, DMD & CCO, on November 8, 2022, in Frankfurt, Germany, in the presence of Shri. Ashwini Kumar Tewari, MD, Risk, Compliance and SARG, SBI. This long-term loan will facilitate new & upcoming capacity in the solar sector and further contribute to India’s “Panchamrit” goals announced during COP26
On this occasion, Mr. Ashwini Tewari, MD, SBI said “The successful closure of phase-1 under Solar Partnership - Promotion of Solar/PV between SBI and KFW, paves the way for the current phase-2 in our partnership with KfW. With the signing of this facility, we have taken another step in the direction of sustainable financing arrangements for meeting our country’s ambitious renewable capacity goals and upholding environmental and social standards in our endeavours”.
The arrangement of the loan was facilitated by SBI’s investment banking subsidiary, SBI Capital Markets.
In 2015, the Government of India and the Federal Republic of Germany had signed the Memorandum of Understanding (MoU) to foster the use of solar energy in India through technical as well as financial cooperation. Through this MOU, Germany had expressed its willingness to provide the concessional loans to India in the range of EUR 1 billion through KfW.
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