India has set an ambitious target of 175GW of renewable energy by 2022. Of the target to install 175GW RE by 2022, 100GW has to come from solar — 40 GW rooftop solar and 60 GW ground-mounted utility-scales. The solar segment has the lion’s share in India’s promise of 175GW by 2032. However, the progress made by the solar sector has not been satisfactory due to various reasons out of which ease of financing is on the top.
The ease of affordable and accessible financing is one of the major hurdles in the adoption of solar power. SBI has tied up with Tata Power to launch a digital initiative 'Surya Shakti Cell' for the financing of solar power projects. Surya Shakti Cell will give impetus to solar projects financing in India. With this digital initiative, SBI will offer a complete solution at competitive rates for solar projects.
