State Bank of India (SBI) has committed to provide $12.5 billion in debt funding to renewable energy projects over the next few years. The announcement was made at the RE-INVEST summit organized by the Ministry of New and Renewable Energy. The bank hopes to provide debt financing to 15 GW of renewable energy projects, most of which are likely to be based on wind and solar energy.
Financing has been a major issue for the renewable energy sector in India. Increased competition in auctions for solar power projects has cut the tariffs by nearly 70 per cent since 2010. Indian banks are known to question the financial viability of projects secured at seemingly low tariffs. Solar power projects have especially received unfavourable response from the Indian banks as solar photovoltaic power tariffs have been falling.
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