Multilateral Investment Guarantee Agency (MIGA) guarantees $197.67 million to Citibank N.A. for SBI rooftop solar refinancing.

Key facts

• Multilateral Investment Guarantee Agency (MIGA) issued a five-year guarantee of $197.67 million to Citibank N.A. for its loan to State Bank of India (SBI).
• The guarantee supports refinancing of a $500 million World Bank facility for grid-connected rooftop solar photovoltaic systems for commercial and industrial users across India.
• SBI launched the programme in 2016 with World Bank financing and technical assistance and has achieved 1,004 MW of rooftop solar installations.
• Citibank acted as sole lender and coordinator, building on a 2024 collaboration.
• The refinancing is expected to reduce borrowing costs and diversify funding sources while shifting loan exposure to commercial lenders.
• SBI must allocate 7.5% of domestic advances to green financing as India requires $160 billion to $300 billion annually to reach net zero by 2070.