European Investment Bank Delivers $214 Million For Indian Solar Projects
Solar power projects across India have received another impetus, with the European Investment Bank announcing a partnership with the largest bank of India to disburse over $200 million in debt.
The European Investment Bank recently announced that it will provide €200 million to the State Bank of India to facilitate debt funding for four large-scale solar power projects in India. The total capacity of these projects is 530 megawatts.
The debt finance will be delivered to project developers by a subsidiary of State Bank of India, SBI Capital Markets. Project developers are expected to back this funding with a total investment of $693 million.
According to the press release issued by the EIB, projects have been identified in the southern states of Telangana and Tamil Nadu for the funding. Both these states have seen significant activity in terms of competitive auctions for solar power projects over the last several months.
The EIB may sign similar deals with other finance institutions in India like, the Indian Renewable Energy Development Agency (IREDA) and India Infrastructure Finance Limited (IIFL).
India is looking to raise funds from international finance institutions for its ambitious National Solar Mission which targets 100 gigawatts of installed solar power capacity by March 2022. The recently completed auction of a 750-megawatt solar power park in the state of Madhya Pradesh will receive funding at 0.25% from the International Finance Corporation (IFC). The solar power park auction yielded India’s lowest-ever tariff of Rs 3.30/kWh (5.1¢/kWh).
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