September 24 (Solar) – State Bank of India (SBI) last week raised USD 650 million (EUR 553.9m) in its inaugural green bond placement and unveiled plans to equip with solar 10,000 of its ATMs across the country as part of its sustainability efforts.
The lender, which is India’s biggest public sector bank, said that the offering was two times oversubscribed, receiving an “overwhelming” response. The final order book of the issue exceeded USD 1.25 billion.
The five-year bond bears a coupon rate of the US Treasury plus 165 basis points (bps) and will be listed on the Singaporean stock exchange and the India INX, Gift City.
Also last week, Prashant Kumar, the bank’s deputy managing director and chief financial officer, told reporters about the lender’s plans to install solar photovoltaic (PV) panels at 10,000 ATMs in India over the next two years. This will lift the number of solar-powered SBI machines from 1,200 currently, supporting the bank’s efforts to achieve carbon neutrality by 2030. The initiative will also be supported by the use of electric vehicles, which will entirely replace SBI’s conventional transportation by the same year.
SBI has mounted rooftop PV panels atop 150 of its buildings and is in the process of identifying more such locations. It will aim to lift the number of buildings with solar systems to 250 by next year, Kumar said.
(USD 1.0 = EUR 0.852)