New Delhi, April 18 -- The World Bank is planning to provide a USD 1 billion line of credit to the State Bank of India (SBI) to accelerate India's transition to clean energy, according to sources familiar with the development.
The financing aims to support the expansion of battery storage systems and electric mobility initiatives across the country, reported Mint.
The credit line comes at a crucial time as India races to meet its ambitious renewable energy targets while grappling with rising crude oil prices and import dependency on fossil fuels. The funds will be disbursed in tranches to mobilise early investments and attract private capital in these green sectors.
Large-scale Battery Energy Storage Systems (BESS) are vital for integ...