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$12.5 Billion For Renewable Energy Funding from India’s largest bank

India’s Largest Bank Commits $12.5 Billion For Renewable Energy Funding  Clean Technica February 19th, 2015 by Smiti Mittal  Private sector project developers in India’s rapidly growing renewable energy would be happy to have the backing of the country’s largest bank as they get ready to participate in cut-throat competitive bidding.

The State Bank of India (SBI) has committed to provide $12.5 billion in debt funding to renewable energy projects over the next few years. The announcement was made at the RE-INVEST summit organised by the Ministry of New and Renewable Energy.

The bank hopes to provide debt financing to 15 GW of renewable energy projects, most of which are likely to be based on wind and solar energy…….

Over the last few years some private banks in India have signed deals with development banks to provide loans at concessional rates. The Indian Renewable Energy Development Agency (IREDA) is also expected to provide loans at low rates following its recent agreements with the European Investment Bank, Japan International Cooperation Agency, and the US Export-Import Bank……

This announcement by the country’s largest bank and the recent funding agreement worth $4 billion with the US is expected to boost the growth of the Indian renewable energy sector.

Smiti Mittal works as a senior solar engineer at Mott MacDonald, a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.   http://cleantechnica.com/2015/02/19/indias-largest-bank-commits-12-5-billion-renewable-energy-funding/

February 21, 2015 - Posted by Christina Macpherson | India, renewable