Azure Power Secures $10.5 Million from State Bank of India for Rooftop Solar
June 16, 2017
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