Mumbai : Expansion of renewable energy power generation across India will be supported by a new USD 400 million joint initiative backed by the European Investment Bank and YES BANK, India’s 5 largest private sector bank. YES BANK will manage the new cœfinancing programme for construction of new solar power plants and wind farms across the country.
The new USD 400 million private sector renewable energy financing programme was announced in New Delhi today by Donal Cannon, Head of the European Investment Bank Representation to South Asia and Arun Agrawal, Group President, International Banking, YES BANK. It will be supported by USD 200 million from the European Investment Bank, alongside financing from YES BANK, project promoters and other financial institutions.
The 15 year USD 200 million EIB loan was approved by the EIB Board of Directors on 12th December and financial details of the new initiative are expected to be finalised in the coming weeks.
The new financing programme will streamline financing for a range of renewable energy projects being built and operated by leading Indian corporations and private sector developers. Eligible solar projects have already been identified in the states of Rajasthan, Telangana, Maharashtra and Karnataka and additional wind and solar projects are currently being examined.
“India and the European Union are committed to the Paris Agreement and tackling climate change. This new USD 400 million initiative demonstrates the shared vision and commitment of both the European Investment Bank and YES BANK to increasing renewable energy power generation across India. This new financing programme will make a significant contribution to harnessing wind power and solar energy to produce green energy, create thousands of jobs during construction and strengthen technical and financial skills for the renewable energy sector to expand.” said Andrew McDowell, European Investment Bank Vice President