WASHINGTON, February 17, 2026—The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Group Guarantee Platform, has issued a guarantee to Citibank N.A. for its non-shareholder loan to the State Bank of India (SBI), India’s premier state-owned bank. The guarantee will protect Citi against the risk of non-honoring of financial obligations by a state-owned enterprise and will support the next phase of a proven clean energy initiative.
The guarantee of $197.67 million for five years will enable SBI to refinance the remaining principal of a $500 million World Bank loan to SBI in 2016 for Grid-connected Rooftop Solar Photovoltaic (GRPV) systems. These installations provide clean energy and reduce greenhouse gas emissions by displacing more expensive and carbon-intensive thermal generation. The loan funds a national program to deliver the GRPV systems to commercial and industrial customers across India.
"MIGA’s guarantee will support SBI’s growing portfolio of renewable energy in India and contribute to India’s climate goals," said Tsutomu Yamamoto, MIGA Managing Director. "In addition, MIGA-IBRD cooperation on the project is another example of One World Bank Group collaboration to achieve private capital mobilization.”
The government of India has ambitious plans for clean energy transition and scaling climate investments. Investment needs are estimated at between $160 billion and $300 billion annually to reach net zero by 2070. SBI, as one of the largest banking and financial services organizations in India, has been mandated to facilitate a minimum of 7.5 percent of its domestic gross advances to be “green.”
SBI launched the GRPV project in India in 2016, leveraging World Bank financing and technical assistance to demonstrate the commercial viability and business model for the commercial and industrial segments of the solar rooftop market. The World Bank program enabled SBI to partner with MIGA, attracting international commercial lenders and private finance directly to the GRPV program. This financing is a part of India’s broader program to achieve its climate targets with renewables as the cornerstone. The latest IBRD Implementation Report confirms that the IBRD program achieved installation of 1,004 MW of GRPV.
Citibank acted as sole lender, mandated lead arranger, facility agent and MIGA coordinator for this financing. The transaction builds on Citi and MIGA’s successful 2024 collaboration with SBI on a similar rooftop solar refinancing, reinforcing their leadership in deploying innovative risk-mitigation solutions to advance sustainable finance in emerging markets. Citi and MIGA continue to play a catalytic role in crowding in international capital for India’s renewable energy transition, particularly in distributed solar – one of the fastest-growing segments of India’s clean energy ecosystem.
This financing will help SBI reduce its borrowing costs and diversify its sources of borrowing. MIGA’s guarantee also frees up headroom for additional World Bank lending to the government of India by transferring the loan to commercial lenders’ balance sheets.
"This landmark transaction exemplifies Citi's commitment to fostering sustainable development and supporting India's transition to a greener economy," said Stephanie von Friedeburg, Global Head of Citi’s Public Sector Group. "As our second collaboration with MIGA and SBI in the last two years, this initiative continues to support India's ambitious rooftop solar program, demonstrating the power of public-private partnerships to deliver impactful clean energy solutions and contribute to global climate objectives."
"MIGA's guarantee for the refinancing of an IBRD loan supporting operational grid-connected rooftop solar photovoltaic systems represents a pioneering transaction. This one-of-a-kind deal leverages bank financing to drive transformative environmental advancements in India's energy sector,” said Rana Ashutosh Kumar Singh, Managing Director of SBI. “Following the earlier MIGA refinancing, this transaction further taps into the avenues for collaboration, bringing together international commercial lenders backed by MIGA guarantees and banks like SBI to lead the transition to a greener future. This unique alliance among SBI, MIGA, and Citi will significantly contribute to reducing the nation's carbon footprint, aligning with India's Net Zero ambitions and underscoring SBI's steadfast commitment to sustainable development.”
About SBI
State Bank of India is the largest and one of the oldest banks in India. SBI serves over 480 million customers domestically through its vast network of over 22,405 retail bank branches. It has a global footprint of 235 offices in 29 countries. SBI offers myriad products and services, including corporate finance, project and structured finance, loan syndication, working capital solutions, and trade finance. It was established in 1921 as the Imperial Bank of India and later constituted the State Bank of India in 1951 by an Act of the Indian Parliament.
About Citi
Citi is a pre-eminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact: In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org
WASHINGTON, February 17, 2026—The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Group Guarantee Platform, has issued a guarantee to Citibank N.A. for its non-shareholder loan to the State Bank of India (SBI), India’s premier state-owned bank. The guarantee will protect Citi against the risk of non-honoring of financial obligations by a state-owned enterprise and will support the next phase of a proven clean energy initiative.
The guarantee of $197.67 million for five years will enable SBI to refinance the remaining principal of a $500 million World Bank loan to SBI in 2016 for Grid-connected Rooftop Solar Photovoltaic (GRPV) systems. These installations provide clean energy and reduce greenhouse gas emissions by displacing more expensive and carbon-intensive thermal generation. The loan funds a national program to deliver the GRPV systems to commercial and industrial customers across India.
"MIGA’s guarantee will support SBI’s growing portfolio of renewable energy in India and contribute to India’s climate goals," said Tsutomu Yamamoto, MIGA Managing Director. "In addition, MIGA-IBRD cooperation on the project is another example of One World Bank Group collaboration to achieve private capital mobilization.”
The government of India has ambitious plans for clean energy transition and scaling climate investments. Investment needs are estimated at between $160 billion and $300 billion annually to reach net zero by 2070. SBI, as one of the largest banking and financial services organizations in India, has been mandated to facilitate a minimum of 7.5 percent of its domestic gross advances to be “green.”
SBI launched the GRPV project in India in 2016, leveraging World Bank financing and technical assistance to demonstrate the commercial viability and business model for the commercial and industrial segments of the solar rooftop market. The World Bank program enabled SBI to partner with MIGA, attracting international commercial lenders and private finance directly to the GRPV program. This financing is a part of India’s broader program to achieve its climate targets with renewables as the cornerstone. The latest IBRD Implementation Report confirms that the IBRD program achieved installation of 1,004 MW of GRPV.
Citibank acted as sole lender, mandated lead arranger, facility agent and MIGA coordinator for this financing. The transaction builds on Citi and MIGA’s successful 2024 collaboration with SBI on a similar rooftop solar refinancing, reinforcing their leadership in deploying innovative risk-mitigation solutions to advance sustainable finance in emerging markets. Citi and MIGA continue to play a catalytic role in crowding in international capital for India’s renewable energy transition, particularly in distributed solar – one of the fastest-growing segments of India’s clean energy ecosystem.
This financing will help SBI reduce its borrowing costs and diversify its sources of borrowing. MIGA’s guarantee also frees up headroom for additional World Bank lending to the government of India by transferring the loan to commercial lenders’ balance sheets.
"This landmark transaction exemplifies Citi's commitment to fostering sustainable development and supporting India's transition to a greener economy," said Stephanie von Friedeburg, Global Head of Citi’s Public Sector Group. "As our second collaboration with MIGA and SBI in the last two years, this initiative continues to support India's ambitious rooftop solar program, demonstrating the power of public-private partnerships to deliver impactful clean energy solutions and contribute to global climate objectives."
"MIGA's guarantee for the refinancing of an IBRD loan supporting operational grid-connected rooftop solar photovoltaic systems represents a pioneering transaction. This one-of-a-kind deal leverages bank financing to drive transformative environmental advancements in India's energy sector,” said Rana Ashutosh Kumar Singh, Managing Director of SBI. “Following the earlier MIGA refinancing, this transaction further taps into the avenues for collaboration, bringing together international commercial lenders backed by MIGA guarantees and banks like SBI to lead the transition to a greener future. This unique alliance among SBI, MIGA, and Citi will significantly contribute to reducing the nation's carbon footprint, aligning with India's Net Zero ambitions and underscoring SBI's steadfast commitment to sustainable development.”
About SBI
State Bank of India is the largest and one of the oldest banks in India. SBI serves over 480 million customers domestically through its vast network of over 22,405 retail bank branches. It has a global footprint of 235 offices in 29 countries. SBI offers myriad products and services, including corporate finance, project and structured finance, loan syndication, working capital solutions, and trade finance. It was established in 1921 as the Imperial Bank of India and later constituted the State Bank of India in 1951 by an Act of the Indian Parliament.
About Citi
Citi is a pre-eminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact: In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org