MIGA issues $197.67 million guarantee for rooftop solar refinancing

The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Group Guarantee Platform, has provided a $197.67 million guarantee to Citibank N.A. The five-year guarantee supports Citi’s non-shareholder loan extended to the State Bank of India (SBI). The guarantee will allow SBI to refinance the outstanding principal of a $500 million World Bank loan extended to it in 2016 for grid-connected rooftop solar PV systems. The loan supports a national programme aimed at supplying grid-connected rooftop solar PV systems to commercial and industrial customers across India. Additionally, the guarantee will protect Citi against the risk of non-honouring of financial obligations by a state-owned enterprise. It will also support the next phase of an established clean energy initiative.