The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) Grid-Connected Rooftop Solar Program (P155007) SOUTH ASIA | India | Energy & Extractives Global Practice | Requesting Unit: SACIN | Responsible Unit: ISAE1 IBRD/IDA | Program-for-Results Financing | FY 2016 | Team Leader(s): Mani Khurana, Cecile Pot Seq No: 16 | ARCHIVED on 27-Mar-2024 | ISR60164 | Created by: Shalini Agrawal on 01-Mar-2024 | Modified by: Cecile Pot on 14-Mar-2024 Program Development Objectives PDO Table Program Development Objective (from Program Appraisal Document) The PDO is to increase installed capacity of Grid-connected Rooftop Solar Photovoltaic (GRPV) and to strengthen the capacity of relevant institutions for GRPV. The Program Environmental Objective (PEO) is to achieve reductions in GHG emissions through the displacement of thermal energy with solar energy. Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Implementation Status and Key Decisions As of February 2024, the State Bank of India (SBI) has cumulatively signed and sanctioned US$515 million of loans to rooftop solar developers and end-consumers, directly mobilizing US$219 million of equity. This financing is an estimated to support and installed capacity of 870.09 MW supported by the Program. The original Program is expected to close on June 28, 2024, while the additional financing for the residential sector, which was signed in December 2023, will run until November 2027. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P155007 IBRD-86110 Effective USD 500.00 500.00 0.00 500.00 0.00 100% Not P155007 IBRD-94260 USD 150.00 150.00 0.00 0.00 150.00 0% Effective P155007 TF-A2023 Effective USD 5.00 5.00 0.00 5.00 0.00 100% P155007 TF-A2401 Effective USD 120.00 120.00 0.00 100.00 20.00 83% P160018 TF-A3753 Effective USD 22.94 22.94 0.00 18.67 4.27 81% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date 3/27/2024 Page 1 of 8 The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) P155007 IBRD-86110 Effective 13-May-2016 30-Jun-2016 28-Sep-2016 30-Nov-2021 28-Jun-2024 Not P155007 IBRD-94260 28-Jun-2022 22-Dec-2023 -- 30-Nov-2027 30-Nov-2027 Effective P155007 TF-A2023 Effective 13-May-2016 30-Jun-2016 28-Sep-2016 30-Nov-2021 28-Jun-2024 P155007 TF-A2401 Effective 13-May-2016 30-Jun-2016 28-Sep-2016 30-Nov-2021 28-Jun-2024 P160018 TF-A3753 Effective 19-Jan-2017 19-Jan-2017 19-Jan-2017 30-Nov-2021 28-Jun-2024 DLI Disbursement Achievement Disbursed amount in Disbursement % for DLI ID DLI Type Description Coc DLI Amount Status Coc DLI Loan: TFA2023-001 Establishing GRPVs 1 Regular USD 5,000,000.00 Fully Achieved 5,000,000.00 100 % program at SBI Loan: IBRD86110-001 Agg amt loan for GRPVs Partially 2 Regular USD 198,750,000.00 107,273,000.00 54 % power gen sch Achieved MW solar PV rroftop ins Partially 3 Regular USD 300,000,000.00 294,442,750.00 98 % commi Achieved Loan: TFA2401-001 Aggr amt for finan GRPV Partially 2 Regular USD 100,000,000.00 76,957,000.00 77 % power gen sch Achieved Sustainability of GRPV 4 Regular USD 20,000,000.00 Not Achieved 0.00 program Loan: TFA3753-001 Tech assis for impl MNRE Partially 1 Regular USD 12,935,780.00 2,936,000.00 23 % GRPV prg Achieved Piloting New Business 2 Regular USD 10,000,000.00 Fully Achieved 10,000,000.00 100 % Models Program Action Plan Monitor compliance with MNRE’s Quality Assurance and Quality Control requirements, as basic standards applicable Action Description to the market. Source DLI# Responsibility Timing Timing Value Status Other Client Due Date 31-Dec-2019 Completed SBI to (i) prepare and share report on the implementation of MNRE’s QA/QC requirements with Bank during the mid- Completion Measurement term review of the project; and (ii) share the report with MNRE In all the loan agreements between SBI and sub-borrower, there is standard clause for the borrower to ensure the Comments quality standards established by MNRE/GoI. 3/27/2024 Page 2 of 8 The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) Action Description Include the Grid Connected Solar Rooftop Program in the existing complaints handling mechanism of SBI. Source DLI# Responsibility Timing Timing Value Status Other Client Due Date 02-Apr-2018 Completed Information on how to access the grievance mechanism for Grid Connected Solar Rooftop Program publicized on Completion Measurement SBI’s website Comments Action Description Implement the procedures identified in the ESSA to manage environmental and social issues and risks. Source DLI# Responsibility Timing Timing Value Status Environmental and Social Client Due Date 31-Jul-2023 Completed Systems Completion Measurement SBI to share information with Bank during the first review mission of the program SBI has shared some information, however, the reporting of ESSA requirements needs to be strengthened–to be Comments confirmed through mutually agreed actions. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Low Low Low Macroeconomic Low Moderate Moderate Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Moderate Moderate Moderate Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Substantial Moderate Moderate Other -- Moderate Moderate Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes 3/27/2024 Page 3 of 8 The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) Capacity of GRPV connected to the grid (Megawatt, Custom) IN01409287 ►Capacity of GRPV connected to the grid (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 414.11 414.11 250.00 Date 30-Sep-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 Comments Reduction of Carbon emissions IN01409288 ►GHG emissions (Metric tons/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,200,000.00 Date 19-Sep-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 PDO indicator pertaining to reductions of carbon emissions will be monitored at the end of the program. Moreover, since the carbon emission reduction is a function of the capacity of GRPV (MW) installed, it is Comments expected that the GHG reduction would also be overachieved. Intermediate Results Indicators by Results Areas Launch of Rooftop Solar PV program at SBI and development of internal procedures for the identification, risk assessment, appraisal and approval of rooftop solar projects. IN01409291 ►Launch of Rooftop Solar PV program at SBI and development of internal procedures for the identification, risk assessment, appraisal and approval of rooftop solar projects (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 Done Done One time Date 13-May-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 Comments Implementation of TA and capacity building program for discoms, SNAs, SERCs etc. IN01409292 ►Implementation of TA and capacity building program for discoms, SNAs, SERCs etc. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target On June 2, 2023, the Steering Committee Value 0.00 extended the PMC TA completed TA completed contract until October 31, 2023. Date 13-May-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 3/27/2024 Page 4 of 8 The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) Year 1: Contract signed with consultant. Year 2: Phase 1 of TA completed. Year 3: Phase 2 of TA Comments completed. Amount rooftop solar loans approved by SBI IN01409293 ►Amount rooftop solar loans approved by SBI (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 425,000,000.00 515,000,000.00 625,000,000.00 Date 13-May-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 Comments Amount of additional equity financing from private sources mobilized by SBI IN01409294 ►Amount of additional equity financing from private sources mobilized by SBI (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 180,200,000.00 219,000,000.00 265,000,000.00 Date 13-May-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 Comments Capacity (MW) of GRPV orders IN01409295 ►Capacity (MW) of GRPV orders (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 606.48 870.09 600.00 Date 13-May-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 Comments Improved institutional capacity for GRPV IN01409289 ►Sustainability of GRPV program at SBI (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target No such green climate Unit is in place and Value Not yet due Completed finance unit exists operational Date 13-May-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 SBI has formed a green climate finance unit to finance green advances (measured outside of the existing grid-connected rooftop solar IBRD/Trust Fund resources) and aims to facilitate an estimated minimum of Comments US$100 million financing annually for green advances measures. The corresponding revised DLI Verification Protocol is: SBI has formed a Business Unit (BU) to finance climate change mitigation and 3/27/2024 Page 5 of 8 The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) adaptation measures. The BU is operational within the Program period and capitalized with adequate human resources. SBI has issued an internal circular approved by its Board for this BU. It has prepared a business plan following the Board's approval with an estimated minimum of US$100 million financing annually for climate mitigation and adaptation measures until 2030. A Chief General Manager heads the BU, supported by one General Manager, three Deputy General Managers, and ten to twelve support officers. The BU will certify the achievement of the financing amount following the Annual and Sustainability reports published by SBI annually. For the purposes of this DLI, green advances mean loans provided by SBI for renewables such as solar photovoltaics, wind energy, and bioenergy among others, and the activities that are outside of the existing grid-connected rooftop solar IBRD/Trust fund resources. The above information will be made available by SBI to the Independent Verification Agency. Capacity of rooftop solar installed and commissioned under the program (MW) IN01409290 ►Capacity of rooftop solar installed and commissioned under the program (MW) (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 414.11 414.11 500.00 Date 13-May-2016 31-Aug-2023 27-Feb-2024 28-Jun-2024 Comments Disbursement Linked Indicators DLI_IND_TABLE ►DLI 1 DLI 1: Establishing a Rooftop Solar PV Program at the State Bank of India. (Intermediate Outcome, 5,000,000.00, 100%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 Value 0.00 5,000,000.00 5,000,000.00 5,000,000.00 Date 13-May-2016 31-Aug-2023 27-Feb-2024 -- Comments ►DLI 2 DLI 2: Technical assistance to key stakeholders for the implementation of MNRE’s GRPV program (Intermediate Outcome, 13,000,000.00, 67%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 Value 0.00 2,936,000.00 8,660,000.00 13,000,000.00 Date 13-May-2016 31-Aug-2023 27-Feb-2024 -- The latest figures are picked from the Client Connect portal; previously reported figures included advance. Comments ►DLI 3 DL3: Aggregate amounts of loans signed by SBI for the financing of solar (PV) rooftop power generation schemes. (Intermediate Outcome, 298,750,000.00, 0%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 Value 0.00 172,290,000.00 220,560,000.00 298,750,000.00 3/27/2024 Page 6 of 8 The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) Date 13-May-2016 31-Aug-2023 27-Feb-2024 -- Comments ►DLI 4 DLI 4: Piloting new business models (Outcome, 10,000,000.00, 0%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 Value 0.00 10,000,000.00 10,000,000.00 10,000,000.00 Date 13-May-2016 30-Jun-2023 27-Feb-2024 -- Comments ►DLI 5 DLI 5: Megawatts of solar (PV) rooftop power generation installed and commissioned under SBI financing (Output, 300,000,000.00, 115%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 Value 0.00 271,456,000.00 294,440,000.00 300,000,000.00 Date 13-May-2016 31-Aug-2023 27-Feb-2024 -- The latest figures are picked from the Client Connect portal; previously reported figures included advance. Comments ►DLI 6 Sustainability of GRPV program at SBI (Outcome, 20,000,000.00, 0%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 No such green climate Unit is in place and Value Not yet due -- finance unit exists operational Date 13-May-2016 31-Aug-2023 27-Feb-2024 -- Comments ►DLI 7 Aggregate amounts of sub-loan agreements signed by SBI for the financing of solar (PV) rooftop systems in the residential sector, of which at least 50 percent should be for system sizes up to 10 kW (Intermediate Outcome, 115,500,000.00, 0%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 Value 0.00 0.00 0.00 -- Date -- 31-Aug-2023 27-Feb-2024 -- Comments ►DLI 8 Megawatts of solar (PV) rooftop systems installed, commissioned, and connected to the grid in the residential sector (Intermediate Outcome, 49,500,000.00, 0%) Baseline Actual (Previous) Actual (Current) till Nov 30, 2027 3/27/2024 Page 7 of 8 The World Bank Implementation Status & Results Report Grid-Connected Rooftop Solar Program (P155007) Value 0.00 0.00 0.00 -- Date -- 31-Aug-2023 27-Feb-2024 -- Comments 3/27/2024 Page 8 of 8