EIB approves Euro 200 million loan to SBI for solar projects

The European Investment Bank has approved a Euro 200 million (Rs 14 billion) long-term loan for the State Bank of India (SBI) to finance solar projects across the country. The interest on the loan will be at a concessional rate – three-month Libor plus 0.99 percentage points. The loan will support a total investment of Euro 650 million in five different large-scale photovoltaic solar power projects under India’s National Solar Mission. Four solar power projects at a generation capacity of 530 MW have already been identified for this purpose.