The World Bank Rooftop Solar program for Residential sector (P171750) Program Information Documents (PID) Appraisal Stage | Date Prepared/Updated: 15-Jan-2020 | Report No: PIDA208678 Dec 23, 2019 Page 1 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) BASIC INFORMATION OPS_TABLE_BASIC_DATA A. Basic Program Data Country Project ID Program Name Parent Project ID (if any) India P171750 Rooftop Solar program for P155007 Residential sector Region Estimated Appraisal Date Estimated Board Date Practice Area (Lead) SOUTH ASIA 29-Jan-2020 19-Mar-2020 Energy & Extractives Financing Instrument Borrower(s) Implementing Agency Program-for-Results Financing State Bank of India State Bank of India Program Development Objective(s) 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. COST & FINANCING SUMMARY (USD Millions) Government program Cost 1,000.00 Total Operation Cost 490.00 Total Program Cost 490.00 Total Financing 490.00 Financing Gap 0.00 FINANCING (USD Millions) Total World Bank Group Financing 245.00 World Bank Lending 245.00 Total Government Contribution 245.00 Dec 23, 2019 Page 2 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) B. Introduction and Context Country Context 1. The Government of India (GoI) wants a growing share of the country’s electricity generation to come from renewable energy. In its Nationally Determined Contribution (NDC) India announced at the Conference of Parties (COP) 21 in Paris in December 2015 that it aims to increase the share of non-fossil fuel-based electricity to about 40 percent by 2030. This includes plans to quadruple the country’s (non- hydropower) renewable energy capacity to 175,000 MW by 2022, which will require up to US$170 billion in investments in generation, as well as substantial complementary investments in strengthening the transmission network to absorb this variable power. This push in renewable energy also underpins GoI’s ambitious goal of providing uninterrupted power for all homes, industrial and commercial establishments through its 24x7 Power for All program. Sectoral and Institutional Context 2. India aims to meet a significant part of its Nationally Determined Contributions (NDC) through the enhanced ambitions of the updated Jawaharlal Nehru National Solar Mission (JNNSM).1The JNNSM was launched on January 11, 2010 with an ambitious target of deploying 20 Giga Watt (GW) of grid- connected solar power by 2022. Later in 2015, the government increased the capacity addition target of Grid-Connected Solar Power Projects, from 20 GW to 100 GW, by the year December 31, 2022. Under these targets, the grid-connected rooftop solar photovoltaic (GRPV) installation revised target is 40 GW. As of September 2019, the overall installed grid connected solar capacity stands at 29.72 GW. The installed capacity of GRPV stands at 5.25 GW. 3. Market analysis of GRPV indicates that there is a significant potential of GRPV in the residential sector. The estimated rooftop solar potential in residential sector is around 60 GW.2 The potential considers both the multi-apartment group housing societies and individual homes. Despite high potential, there has so far been only a modest uptake of GRPV systems in the residential sector3 due to limited success in developing scalable business models for GRPV. This can be attributed to several market challenges: a. Residential consumers face financial and operational difficulties in installing rooftop solar systems. The capital investment is high considering the relatively lower purchasing power of consumers. Limited or no access to collateral-free finance at low-interest rates makes it more difficult for residential consumers to own a rooftop solar system. Furthermore, there is inadequate information flow to consumers regarding the rooftop solar systems, including – economic benefits, technical performance characteristics, financial options through various business models, rooftop structural requirements, and operational and maintenance of the projects. 1 The JNNSM was initially launched on January 11, 2010, by the Prime Minister. The Mission had set the ambitious target of deploying 20,000 MW (20 GW) of grid-connected solar power by 2022. The aim was to reduce the cost of solar power generation in the country—through (i) long-term policy; (ii) large-scale deployment goals; (iii) aggressive research and development; and (iv) domestic production of critical raw materials, components, and products—and as a result, to achieve grid tariff parity by 2022. The Mission also aimed to create an enabling policy framework to achieve this objective and make India a global leader in solar energy. 2 The residential rooftop solar accelerator, Climate Policy Initiative, 2018 3 India Solar Rooftop Map, March 2019, Bridge to India Dec 23, 2019 Page 3 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) b. Developers: The residential solar system is associated with higher transaction costs for developers, as these systems characterize smaller rooftop solar system sizes, which are inherently fragmented. The third-party-owned/ renewable energy service company (RESCO) model, which has widely been used by Commercial and Industrial (C&I) consumers, hasn’t made a mark in the case of residential consumers due to the smaller system size and payment security risks perceived by the developers. c. Lenders: The lack of information on the creditworthiness of both the developers and consumers is a significant concern for financiers. The absence of reliability on creditworthiness result in increasing the lending rates and less favorable terms for borrowers. d. DISCOMs are apprehensive in promoting rooftop solar due to perceived revenue loss. The existing tariff design cross-subsidizes tariffs of residential and agriculture consumers by inflating the tariffs of C&I consumers. The average cost of supply across the country is around 9 US cents/kWh, whereas the average residential tariff is approximately 4-6 US cents/kWh and for C&I, the tariff can vary from 12-18 US cents/kWh.4 Promoting GRPV in residential consumers can, therefore, help DISCOMs reduce their cross-subsidy requirement, which in turn enables them to remain a cost-competitive supplier of power. 4. The original Grid-Connected Rooftop Solar Program (P155007) (the ‘parent Program’) includes a total amount of US$648 million. On May 13, 2016, the World Bank (WB) Board approved a Grid-Connected Rooftop Solar Program comprising of US$500 million International Bank for Reconstruction and Development (IBRD) funding, US$ 125 million Clean Technology Fund (CTF) funding (US$120 million loan and US$5 million grant) using the World Bank’s Program for Results (PforR) instrument. The parent Program disburses loan from the World Bank to the State Bank of India (SBI) based on the results achieved. SBI enables achievements of these specific results by providing loans for rooftop solar projects in commercial and industrial sectors. Later, November 15, 2016, the parent Program was complemented by an additional amount of US$23 million as a grant from the Global Environment Facility (GEF). As part of the PforR program, the GEF grant is disbursed to SBI against results in implementing the Technical Assistance (TA) activities in GRPV sector and in piloting new business models by lending to the riskier category of GRPV customers, such as non-banking financial institutions (NBFCs) and small and medium enterprises (SMEs). The parent Program aims to support the GoI rooftop solar PV program, by increasing the availability of debt financing and improving the capacity of all stakeholders, leading to expansion of the uptake of GRPV in the country. 5. Following the success of the parent Program, the GoI has requested the WB to expand the original Program to include the financing of GRPV projects in the residential sector. It has, requested WB for an additional financing of US$245 million to promote the uptake of rooftop solar in the residential sector. 6. The proposed additional financing (AF) Program supports the Government’s Rooftop Solar PV Phase- II program (Figure 1). The parent Program excluded the GRPV system in the residential sector; however, the AF will provide loans to SBI against the results achieved in the residential sector. 4 Internal estimation based on tariff orders for several states Dec 23, 2019 Page 4 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) Figure 1: Timeline for Solar Rooftop Journey in India Rationale for additional financing 7. The proposed Program with the AF will disburse against the results achieved in the residential sector – which faces even higher barriers than GRPV in C&I sector. These results represent the uptake of GRPV and battery storage in the residential sector across the country. The proposed AF will add Result Area 4: Market development and expanding GRPV generation in the residential sector to the parent Program. The disbursements to SBI will be against the achievement of results in (i) Aggregate amount of loans signed by SBI for the financing of GRPV power generation schemes in the residential sector ; (ii) Megawatts of solar (PV) rooftop power generation installed and commissioned in the residential sector under SBI financing. These results will capture the expansion of GRPV generation in the residential sector and market development of GRPV schemes, including battery energy storage in the residential sector. As discussed earlier, although the potential for residential solar rooftops is vast, and policy targets ambitious, the GRPV uptake faces significant barriers. The AF shall address these barriers in several ways: a. Provide concessional debt for strengthening the economics of GRPV for the residential consumer. To incentivize residential consumers to adopt GRPV, GoI is offering subsidies to residential consumers. However, even with subsidies, it has not been able to build a strong financial case for a broad set of residential consumers to adopt GRPV. High-interest rates on debt for GRPV systems for the residential consumer is a stumbling block in scaling up solar rooftop projects (none of the IFIs have a concessional line of credit for GRPV in the residential sector). The prevailing interest rates vary between 14-16 percent for residential consumers due to the perceived technology and repayment risks by financiers. It is imperative to lower the interest rates to below ten percent, which is similar to interest rates under the parent Program so that residential rooftops can become attractive for residential consumers. Dec 23, 2019 Page 5 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) b. Financing results in battery energy storage through Global Public Goods (GPG) 5 grant funds together with financing results in the residential rooftop solar system from the IBRD funds. Conditions for a sustainable market for rooftop solar with battery storage are ripe in India. Most parts of the country, particularly Tier 2 and Tier 3 cities, face challenges with power reliability. Residential consumers in these areas rely either on power inverters with low-capacity lead-acid battery storage or diesel generator sets, for their power back-up requirements. The market is already huge—approximately 13 Giga Watt hours6 (GWh) of battery storage capacity is in operation through back-up inverter systems—potentially making these consumers receptive to advanced batteries. Coupling advanced battery systems with the solar rooftops could be a win-win for both consumers and DISCOMs. Consumers can meet their back-up power needs through clean energy and save energy costs; meanwhile, DISCOMs would benefit from the ability of battery storage to smooth the consumer’s demand curve and mitigate peaks. c. The AF will support innovative business models to address the challenge of high transaction costs due to the fragmented market and small system sizes. The existing capital expenditure (CAPEX) and RESCO models7 find limited acceptance with residential consumers, due to the non-availability of concessional debt in case of former and high transaction cost, and operation and maintenance (O&M) cost in case of the latter. The AF Program addresses both these challenges by providing debt through SBI and supporting utilities under the TA of the parent Program on designing and operationalizing utility-led business models to reduce the customer acquisition costs. 8. The additional financing to the parent Program would finance results against GRPV uptake in the residential sector across the country, including battery energy storage systems. The institutional and implementation arrangements of the Program would remain the same. SBI will implement the proposed Program with AF, including the associated technical assistance of the parent Program. SBI is well-positioned with a dedicated rooftop program management team in place to implement the same. SBI has most extensive retail branch network of 24,000 branches and 420 million retail consumers across the country. 8 9. Over the last few years, the commercial case for the residential sector has strengthened because of the reduction in Engineering, Procurement, and Construction (EPC) cost of GRPV systems–approximately 10 percent year-on-year (YoY), refer figure 2 below. With the reduced capital costs, the financing cost form a significant proportion of overall system cost for consumer–studies attribute 50-65 percent of the system costs to financing cost in case of renewable energy projects. The economics of the GRPV system for a residential customer depends on the electricity tariffs. There is a strong business case for residential consumers paying higher grid tariffs (>7 US cents/kWh) to adopt a residential GRPV system as the Levelized Cost of Electricity (LCOE) is lower (approximately 5 US cents/kWh) than the grid tariffs. 5 The Program is awaiting the approval of the Global Public Goods (GPG) grant of [US$ 15 million] by [end of January 2020]. If the GPG grant is approved, the loan required from IBRD would correspondingly reduce. The GPG grant will be blended with the IBRD loan to provide necessary concessions to reduce perceived market and borrower risks associated with these increasingly commercial technologies. 6 Energy Storage System, Roadmap for India 2019-2032, India Smart Grid Forum, 2019. 7 As explained in Annex 2 8 https://sbi.co.in/web/personal-banking/home Dec 23, 2019 Page 6 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) 55.0 50.0 47.0 46.0 45.0 46.0 43.0 45.0 41.0 39.0 40.0 38.0 37.0 38.0 35.0 35.0 33.6 32.3 30.0 25.0 20.0 Figure 2: India Rooftop Solar EPC Cost Index, INR/ Wp9 10. There would be mainly three sets of sub-borrowers of SBI under the AF: a. Existing and new RESCO developers: The existing RESCO developers have launched several products customized to the needs of residential consumers and are seeking concessional debt to scale-up these products. There are new RESCO developers with a smaller balance sheet as compared to existing RESCO sub-borrowers, which precisely target niche but high potential residential sector. Due to the exclusion of the residential sector under the parent Program, these RESCO players didn't benefit from concessional debt and instead depended on venture capital and other foundations funding. Now to scale-up their operations, they are seeking commercial debt at concessional rates. b. Distribution utilities: Few of the progressive DISCOMs are implementing utility-led models, where they intend to own GRPV assets as the cost of GRPV generation (approximately 5 US cents/kWh) is lower than their average cost of supply (9.8 US cents/kWh). 10 So far, there are two types of utility- led business models approved by the state electricity regulators – Solar asset ownership by utility (in case of Kerala) and solar asset ownership by the consumer (in Andhra Pradesh). In both the models, the consumer aggregation is done by the utility – since they interface with consumers. The Program is business model agnostic and would facilitate the financing of both these models. In case of asset ownership by the utility, the assets are owned either by the utility or by a third-party RESCO while the consumer gets a certain percentage of solar energy generated as energy credit towards compensation for roof rent. In the case of asset ownership by the consumer, the utility has tied-up with banks to provide finance to consumers. The utility continues to collect the monthly electricity payments from the consumers, which includes the Equated Monthly Installment (EMI) of debt 9 Bridge to India, Rooftop Solar EPC Cost Index, 2019 10 The average cost of supply is approximately INR 7/kWh in 2015-16 and has been steadily increasing at an average rate of roughly 6 percent per year for the past 3–5 years. Reference: http://www.prayaspune.org/peg/publications/item/download/892_2d5b1ca58ed382a4ef554ba04f6515dc.html Dec 23, 2019 Page 7 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) repayment, which is received by the utilities, and passed on to the lending banks. c. Retail residential consumers: The residential consumer consuming higher units will be interested in installing GRPV as they pay a higher tariff due to slab-wise tariff structure–wherein the more you use, the higher rates are applied, which in several cases are similar to the tariffs in commercial & industrial consumers. There are also multi-apartment buildings where the common lighting, elevators, motors loads, billed at higher tariffs due to higher consumption, can be served by GRPV, reducing the overall electricity costs. There may exist potential legal and administrative barriers for the installation of GRPV in multi-apartment buildings. It may be difficult for the owner’s association to take loans as some banks may not consider them as a legal entity. However, we have seen, for instance in Delhi, that such multi-apartment buildings have installed rooftop solar mainly in RESCO model, wherein the RESCO developers ensure its payment security by taking 3-6 months equivalent of receivables in the form of a Bank Guarantee. There are systems installed in the CAPEX model also, wherein the apartment owners collectively share the cost of the system. The payment is taken as one-time or spread over a period of 4-6 months. Furthermore, there is precedence where financial institutions, for instance, Delhi Housing Finance Corporation, lends to housing societies at relaxed security requirements. In these cases, the share of debt financing has increased beyond the usual 70 percent, and the lender considers the rooftop solar plant as security and takes an under-writing from members of the society that they are willing to take this collective loan. 11. There is already a tangible pipeline for financing residential solar systems a. Solar Power Program of State of Kerala (SOURA): SBI is in discussion with Kerala State Electricity Board Limited (KSEBL) for financing projects under the rent-a-roof/roof lease model, following the ambitious rooftop solar scheme – SOURA which targets 500 MW of rooftop solar capacity addition by 2022. In the first phase, KSEBL tendered 200 MW system capacity, segregated in two components 50 MW (assets owned by utility) and 150 MW (assets owned by third party RESCO). It received 278,000 consumer applications; of these, 76 percent of consumers prefer to install the system in the rent-a-roof/roof lease model, where the utility buys the electricity, and consumer get 10 percent of solar energy generated as energy credit. b. Aggregation by State DISCOMs under the Ministry of New and Renewable Energy (MNRE) Phase-II program: MNRE has already sanctioned 418.96 MW in the residential sector to 49 DISCOMs in 24 states DISCOMs in FY 2019-20, to be implemented in 15 months from the date of granting sanctions (latest March 2021). The rooftop solar technical assistance under the parent Program is supporting 23 Discoms in 12 states on several tasks including vendor empanelment, process streamlining, capacity building and awareness raising, among others to facilitate an aggregated project capacity addition of 160 MW.11 c. Gujarat state 1600 MW GRPV scheme. Gujarat targets to add 1.6 GW in over 0.8 million households by 2022. 12 In September 2019, Gujarat Urja Vikas Nigam Limited (GUVNL), the nodal agency, launched the tender for 600 MW capacity under the CAPEX model. Since in the CAPEX model, consumer or owner of the system has to self-invest, there is a substantial requirement received by GUVNL—through an online form—from the residential consumers to avail debt financing for the rooftop solar system. 11 Progress review of Rooftop Solar technical assistance Program, MNRE, January 8, 2020 12 Gujarat: Solar rooftop subsidy scheme targets 8 lakh homes in 3 years, The Indian Express, September 10, 2019 Dec 23, 2019 Page 8 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) d. Innovative models by Private Sector: Several developers have innovated business model, beyond the existing RESCO or CAPEX, to address the specific needs of residential consumers. For instance, one of the RESCO developers has launched an EMI model with a 3-4 years repayment period to match the needs of the residential consumers for a shorter duration of power purchase agreements, compared to typical 20-25 years under the RESCO model. The developer facilitates the consumer for availing loans from the banks with a guarantee to buy-back the rooftop solar assets in case of default by the consumer–this is a crucial intervention as this would eventually lead to creating secondary market for solar (PV) systems. It estimates a capacity addition of 100-120 MW per annum following this model. On a similar line, another leading developer has launched a Build Own Operate and Transfer (BOOT) model with EMIs spread over 9-10 years to match the EMI amount with monthly bills–again to meet the needs of specific residential consumers, who do not wish to increase their monthly outflow towards electricity bills. Several developers estimate the market size of residential rooftop solar at approximately 5000 MW until 2024-25. 12. The proposed Rooftop Solar Program for Residential Sector expects to put in place the market and institutional foundation to make residential solar rooftop attractive without subsidies (and without concessional finance) by the end of the Program, particularly as solar PV and battery costs continue to decline. The proposed Program would lead to the commoditization of rooftop solar combined with or in isolation of battery storage. The objective would be for these energy solutions to be available through a competitive market of suppliers and developers, and potentially off-the-shelf product coupled with financing options. A competitive market would drive down costs and further spur innovation as suppliers and developers seek to distinguish themselves. This proposed Program would build market capacity and consumer/DISCOM confidence around a sustained residential solar rooftop market in India, with the potential to reach over a million households and to serve as a model for solar rooftop growth in other developing countries. Relationship to the CAS/CPS 13. Alignment with World Bank’s India Country Partnership Framework. The proposed World Bank support to GoI’s program is consistent with two of three focus areas identified in the Country Partnership Framework (CPF) for India (2018-2022)- Promoting resource-efficient growth through increasing access to sustainable energy and enhancing competitiveness and enabling job creation. The proposed Program will focus on all the four catalytic “How’s’ – leveraging private financing, engaging a Federal India, strengthening public sector institutions, and supporting a Lighthouse India. By demonstrating success business cases for GRPV systems in the residential sector and facilitating installation of around 700 MW of residential GRPV, the AF Program expects to catalyze investments in the range of US$2.8 billion in this sector. For meeting GoI 4 GW target, these investments are needed.13 PforR Program Scope 14. The Additional Financing (AF) will disburse against the two proposed DLIs specific to the AF. These DLIs correspond with the intermediate outputs and PDO level outcome of the AF Program. The AF Program will disburse against results achieved on a countrywide eligibility basis, as outlined in SBI’s amended POM for the AF Program.14 13 Assuming the AF Program would support GoI in achieving its 4000 MW capacity addition target in the residential sector. For computing, the mobilized amount, US$700,000 capital cost per MW for GRPV, is considered following the MNRE benchmark capital cost for GRPV for the FY 19- 20. 14 SBI is finalizing the POM and expects to be ready by the Program effectiveness. Dec 23, 2019 Page 9 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) a. The result indicators remain similar to the parent Program, however, with a focus on achievements under the residential sector. i. PDO Indicator 1: Capacity of GRPV connected to the grid in the residential sector, with a target of 700 MW. ii. PDO Indicator 2: Reduction of carbon emissions due to GRPV in the residential sector, with a target of 1,043,000 tons per year. b. Result Area 4 is introduced for the AF, and the following intermediate result indicators defined for the AF. Result Area 4: Market development and expanding GRPV generation in the residential sector. i. Intermediate Results Indicator 1: Amount of rooftop solar loans signed by SBI in the residential sector, with a target of US$245 million. ii. Intermediate Results Indicator 2: Amount of additional equity financing from private sources mobilized by SBI, with a target of US$ 98 million. Gender and citizen engagement iii. Intermediate Results Indicator 3 (Gender): Increase in women workforce in technical and administrative roles in at least three sub-borrowers of SBI installing GRPV in the residential sector. iv. Intermediate Results Indicator 4 (Citizen Engagement): Redressal of ninety percent of the grievances. Program Development Objective(s) 15. 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. Environmental and Social Effects 16. Since the activities financed by SBI are not changing, no substantial change of impacts is anticipated. However, the potential locations are likely to be closer to common citizens who might not be fully informed about impacts or the capacity and knowledge how to manage them unlike commercial or industrial establishments. With the recent change in definition, some ground-mounted installations are also possible.15 Therefore, an addendum to the Environmental and Social Systems Assessment (ESSA) has been developed through a review of existing facilities created under the parent Project and interaction with SBI staff implementing the parent Program and other stakeholders. 17. An addendum to the parent Program ESSA has been prepared for the AF Program, after conducting the 15 On September 5, 2019, MNRE clarified the definition of Rooftop Solar projects: The rooftop solar power plant is a solar power plant installed on the roof of the residential/institutional/commercial/industrial building and/or on the appurtenant land up to an area equivalent to two time the total super built up area of the residential/institutional/commercial/industrial building. The super built up area shall include all residential/institutional/commercial/industrial structures being used for these activities and shall also include store, covered parking etc. as determined by the appropriate State Authorities. The appurtenant land shall be contiguous to the residential/institutional/commercial/industrial structure.’ Dec 23, 2019 Page 10 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) consultations with stakeholders. The findings of consultations highlight the relative ease with which the potential impacts can be managed. However, it also finds that the reporting on the progress, with specific reference to SBI inspected16 projects, should be improved so that it can be assured that the implementation has complied with the requirements of the checklists included in the parent ESSA. The addendum ESSA recommends the use of information dissemination to residents where solar installations are coming up on residences, in advance of the installation, to help them understand and avoid any adverse impacts. These actions would be included in the Program Operational Manual (POM). Financing 18. The expenditure for the PforR Program will be at least US$ 490 million, to be financed by IBRD financing of US$230 million, a GPG grant of US$15 million, and private and public sector financing of US$245 million (which represents approximately 20 percent equity contribution and 30 percent public contribution, against US$245 million of debt). The table below summarizes Program financing, which will be supported by the World Bank. Table 1: Program Financing Source Amount % of total (US$ million) IBRD 230 47 GPG grant 15 3 Private & public sector financing 245 50 Total Program financing 490 100.0 . CONTACT POINT World Bank Name : Amit Jain Designation : Senior Energy Specialist Role : Team Leader(ADM Responsible) Telephone No : 5785+47626 Email : amitjain@worldbank.org Name : Mani Khurana Designation : Senior Energy Specialist Role : Team Leader Telephone No : 5785+47759 Email : mkhurana@worldbank.org Name : Simon J. Stolp Designation : Lead Energy Specialist Role : Team Leader Telephone No : 5720+13731 / Email : sstolp@worldbank.org 16 The assessment did not find issues with reporting on projects inspected by the Lender’s Independent Engineers Dec 23, 2019 Page 11 of 12 The World Bank Rooftop Solar program for Residential sector (P171750) Borrower/Client/Recipient Borrower : State Bank of India Contact : Title : Telephone No : Email : Implementing Agencies Implementing State Bank of India Agency : Contact : K. P. Baiju Title : Deputy General Manager Telephone No : 91-22-22740955 Email : dgm1.cppd@sbi.co.in FOR MORE INFORMATION CONTACT The World Bank 1818 H Street, NW Washington, D.C. 20433 Telephone: (202) 473-1000 Web: http://www.worldbank.org/projects Dec 23, 2019 Page 12 of 12