EIB confirms Euro 200 million loan to SBI

EIB confirms Euro 200 million loan to SBI

EIB confirms  €200 million loan to SBI MUMBAI, DHNS: European Investment Bank (EIB) has confirmed new support for solar power generation in India in partnership with the State Bank of India (SBI).

The €200 million (Rs 1,400 crore) long-term loan will support total investment of €650 million in five different large-scale photo-voltaic solar power projects and contribute to India’s national solar mission and reduce dependence on fossil fuel power generation. Four schemes across the country, with a generation capacity of 530 MWac, have already been identified, the bank said.

 The €200 million 20-year long-term EIB loan will support individual projects following due diligence. It is expected that projects in Telangana and Tamil Nadu states, and elsewhere, will be backed by the new initiative.