IBRD * IDA I WORLD BANK GROUP OFFICIAL April 9,2019 Mr. Rajnish Kumar DOCUMENTS Chairman State Bank of India Corporate Centre, State Bank Bhavan, Madame Cama Road, Nariman Point Mumbai, Maharashtra - 400 021 Mr. Sameer Kumar Khare Additional Secretary (MI) Department of Economic Affairs Ministry of Finance North Block New Delhi 110 001 Dear Mr. Kumar and Mr. Khare: INDIA: IBRD Loan No. 8611-IN & CTF Loan No. TFOA2401 Grid-Connected Rooftop Solar Program Letter ofAmendment to the IBRD Loan Agreement and CTF Loan Agreements: Revision of Disbursement Linked Indicators Table I refer to: (a) the loan agreement between the State Bank of India (the "Borrower") and the International Bank for Reconstruction and Development (variously the "IBRD" or the "Bank") dated June 30, 2016 ("the IBRD Loan Agreement") for the Grid-Connected Rooftop Solar Program (the "Program"); (b) the loan agreement, of same date, between the Borrower and the Bank, acting as an implementing entity of the Clean Technology Fund (the "CTF" Loan Agreement) also for the financing of the Program (the IBRD Loan Agreement and the CTF Loan Agreement hereinafter collectively referred to as the "Loan Agreements"); and (c) the two guarantee agreements, of same date, between India (the "Guarantor") and the Bank, acting on its own and as implementing entity of the Clean Technology Fund, whereby India guaranteed the Borrower's repayment obligations under the Loan Agreements (the "Guarantee Agreements"). I also refer to: (a) the letter from the Borrower's Chief General Manger, dated December 15, 2018, and February 27, 2019; and (b) the letter from the Department of Economic Affairs, Ministry of Finance, Government of India, dated March 13, 2019, requesting: (i) some rectification to the disbursement-linked indicators and disbursement-linked results reflected in Schedule 3 to the IBRD Loan Agreement, in order to enable the Borrower to draw down funds from the CTF loan pursuant to the CTF Loan Agreement in Year 4 of the Program implementation; and (ii) the re-definition of "rooftop solar PV power plant" eligible for financing under the Program to encompass ground mounted small solar systems up to 1MWp capacity. I am pleased to inform that, after due consideration, the Bank agrees to the proposal and hereby amends the formula for the fourth year of Program implementation for the second disbursement linked indicator set forth in Schedule 3 to the IBRD Loan Agreement to read as follows. India Country Office, 70 Lodi Estate, New Delhi 110 003, India P.O. Box 416, Phone: +911141479301 / +911149247601 Messrs. Kumar & Khare -2- April 9, 2019 DISBURSEMENT LINKED RESULTS DISBURSEMENT IrI l LINKED RESULTS TO BE RESULTS TO BE RESULTS TO BE RESULTS TO BE RESULTS TO BE INDICATORS ACHIEVED IN ACHIEVED IN ACHIEVED IN ACHIEVED IN ACHIEVED IN FY2016/17 (YEAR 1) FY2017/18 (YEAR 2) FY2018/19 (YEAR 3) FY2019/20 (YEAR 4) FY2020/21 (YEAR 5) 2. Aggregate SBI has signed loans SBI has signed loans SBI has originated SBI has originated SBI has originated amounts of loans for the financing of for the financing of loans for the financing loans for the loans for the signed by SBIfor installation of solar installation of solar of installation of solar financing of financing of the financing of (PV) rooftops for an (PV) rooftops for an (PV) rooftops for an installation of solar installation of solar GRPVs power aggregate amount of at additional aggregate additional aggregate (PV) rooftops for an (PV) rooftops for an generation least USD 50 million amount of at least amount of at least additional aggregate additional aggregate schemes, equivalent USD 10 million USD 10 million amount of at least amount of at least equivalent above equivalent above Year USD 10 million USD 10 million Year 1. 2. equivalent above equivalent above Year 3. Year 4. USD USD USD USD USD 500,000 400,000 per 200,000 per 200,000 200,000 per USD USD 1 USD 1 per USD I per USD I CTF I million CTF million CTF million CTF million CTF million equivalent equivalent equivalent of equivalent equivalent Allocated of loans of loans loans of loans of loans Amount(s) & originated originated originated originated originated Source of USD USD USD USD USD Funding 500,000, 150,000 per 350,000 per 350,000 350,000 per USD USD 1 USD 1 per USD I per USD I IBRD I million IBRD million IBRD million IBRD million IBRD million equivalent equivalent equivalent of equivalent equivalent of loans of loans loans of loans of loans originated originated originated originated originated Please note that the definition of 'solar rooftop' varies across the country. The ground mounted solar systems are not uniformly characterized/considered in all States as analogous to solar rooftops. Accordingly, we proposed to defer that eligibility for financing of ground-mounted PV systems, until after a policy discussion takes place between the Borrower, the Guarantor's Ministry of New and Renewable Energy settling this debate. Kindly confirm your agreement to the amendments provided above, by signing the forms of confirmation set forth below, and returning a fully executed original of this amendment letter to us and retaining one original for your records. This amendment letter is signed in three originals all of which shall become effective as of April 1, 2019, upon the receipt by the Bank of the duly and fully countersigned original copy of this letter of amendment by both the Borrower and the Guarantor. Yours sincerely, INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Junaid Kamal Ahmad Country Director, India Messrs. Kumar & Khare -3- April 9, 2019 SIGNED and AGREED on behalf of the STATE BANK OF INDIA Name: K,P-BAIJU Title: IEPUTY 5EFNSRAL HANAqeR Date: OZ-OS-2019 I, Additional Secretary of the Department of Economic Affairs of the Ministry of Finance, Government of India, hereby express my concurrence and consent, on behalf of the Guarantor, to the foregoing restructuring of the "Grid Connected Rooftop Solar Program " in the terms proposed in this letter of amendment to the IBRD Loan Agreement (Loan No.8611 -IN) and CTF Loan Agreement (Loan No. TFOA2401). Accordingly, I acknowledge that: (i) the above transaction does not constitute a novation of the Loan Agreements; and (ii) the repayment and performance guarantee extended by the Guarantor in favor of the Bank pursuant to the Guarantee Agreements, remains in full force and effect. SIGNED in CONCURRED on behalf of INDIA By: Name: 59A M r1I,Q k( VN A R K 4 A-R E Title: 4-Po"a,AA Date: D.5,04- 2017 fm g 4K ./Sme Kumat Khare. 1AS 3M jfto/Addl. secretary f4k iV/miistry of Finance 3Tf" -,T F4qn1/Department of EconoMic Affairs ~1i~l(Government of india SfAVA/Nqw Delhi Messrs. Kumar & Khare -4- April 9, 2019 cc: Ms. Aparna S., Executive Director (India), the World Bank Mr. Santosh Dattatraya Vaidya, Senior Advisor to Executive Director, the World Bank Mr. Suresh Yadav, Advisor to Executive Director, the World Bank Government of India Ms. Bandana Preyashi, Director, Department of Economic Affairs, Ministry of Finance Mr. Sukhbir, Controller Aid, Accounts and Audit, Department of Economics Affair Mr. Anand Kumar, Secretary, Ministry of New & Renewable Energy Mr. G. K. Gupta, Joint Secretary, Ministry of New & Renewable Energy Dr. Veena Sinha, Director, Ministry of New & Renewable Energy Mr. Ajay Kumar Bhalla, Secretary, Ministry of Power Ms. Archana Agrawal, Joint Secretary, Ministry of Power State Bank of India Mr. V. Ramling, Chief General Manager Mr. Partha Pratim Sengupta, Deputy Managing Director & Chief Credit Officer Mr. K. P. Baiju, Deputy General Manager Ms. Anita Karnik, Assistant Vice President, Infrastructure Group, SBI Capital Markets Limited, Mumbai