The Government of India has set an ambitious target of installation of Grid Connected Rooftop Solar Photovoltaic (GC-RSPV) projects with capacity aggregating 40 GW out of total incremental target of 175 GW of Renewable Energy capacities by 2022. With a view to giving a fillip to this segment, SBI has availed a line of credit from World Bank specifically, for financing GC-RSPV projects across the country through its identified branches. A Customized financial product has been developed by SBI and benchmark parameters for the purpose drawn up.
The benchmark parameters and terms & conditions to avail sbi solar rooftop loan are as follows:
Who Are Eligible?
Sole Proprietorship, Partnership Firm/ including LLP and Company/ Special Purpose Vehicle (SPV)/ NBFC Borrower or their parent company/ sponsor should have:
(i) at least 1 year experience/ past track record in power sector, and
(ii) CRA rating of SB-10 & better and/or ECR of Investment grade.
Branches
All Corporate Account Group Branches (Project debt component above Rs 500 cr.), Commercial Clients Group Branches (Project debt component above Rs 50 cr. and up to Rs 500 cr.), and SME Branches (loan up to Rs 50 cr.)
Loan Amount & Repayment Period
Up to 75% of project cost with repayment period up to 15 years.
Type of Facility
i) Term Loan
ii) Need based Working Capital against receivables
iii) Need based NFB (LC/BG) facility
Moratorium
Up to 12 months post Date of Commencement of Commercial Operations (DCCO).
Primary Security
➢ Exclusive first charge on all fixed assets, movable assets, and current assets, lease hold rights, cash flows and project related accounts & rights therein, current as well as future relating to the project (T & C applicable).
➢ Assignment of Project documents.
Collateral Security
The Bank may seek additional security (Collateral) if FACR falls below 1.10
Guarantee
i) In case of Sole Proprietorship /Partnership Firm/ Company, personal guarantee of proprietor/ partners/ directors.
ii) In case of Special Purpose Vehicles (SPVs)/ Associates/ Subsidiaries, Corporate Guarantee of sponsor can be further explored.
List of Eligible Documents
Below is the list of documents needed to avail sbi loan for solar rooftop.
➪ ID and address proof of the applicant and guarantors, if any. E.g. voterID, PAN no. voter ID, Aadhar No, MOA, AOA etc).
➪ Income tax return, Wealth Tax Returns of the applicant and guarantors for the past three financial years.
➪ Annual Report consisting Audited balance Sheets with Trading & Profit & Loss Account, for the last three years of the applicant and associates of the applicant.
➪ Memorandum and Articles of Association, Certificate of Commencement of Business in case applicant is a Company.
➪ GST Returns for the last three years.
➪ Copy of DPR (Detailed Project Report) along with Projected Balance Sheet, Profit & Loss Account and Cash Flow Statement with assumptions made /TEV (Technical Evaluation) study of the projects.
➪ Copy of Resources Study done.
