The State Bank of India (SBI) announced it will provide Rs.4 billion (~$62.2 million) to private developers finance 100 MW of grid-connected rooftop solar projects in India. The financing is being provided by the SBI under a World Bank program. In May 2016, the World Bank and SBI signed agreements for a $625 million (~Rs.40.2 billion) facility to support India’s grid-connected rooftop solar program. The target is to finance 400 MW of grid-connected rooftop solar projects through this program.