SBI to save Rs 30 crore annually from wind, solar power investments

Country's largest lender SBI today said it has saved Rs 125 crore in the last eight years by putting up 10 windmills, and expects to save Rs 30 crore annually through its renewable energy investments.

The bank has installed 10 windmills having a capacity of 1.5 MW each, including six in Maharashtra, three in Tamil Nadu and one in Gujarat since 2010 and saved over Rs 125 crore in energy costs, an official statement said.

It has also invested in solar power and now possesses a capacity of 21.23 MW in renewable power sources, it said, adding that taking it to 25 MW will help it save Rs 30 crore every year.

It, however, did not specify the time by which it aims to take up the capacity to 25 MW or any details of the investments on such initiatives.

On the eve of the World Earth Day, the bank said it aims to be carbon neutral and also announced that it has set up 151 solar rooftop sites that have a capacity to generate 6.23 MW of power.

Energy generated through these renewable sources is solely for captive use by bank's various offices and branches across the country, making them free of any carbon emission, it said.

"With various climate action plans, we reaffirm our commitment of being a responsible corporate aligned with sustainable business practices," chairman Rajnish Kumar was quoted as saying in the statement.