EU drives green growth in India
EIB and Yes Bank supporting $400m initiative for renewables expansion
The European Investment Bank and Yes Bank are supporting a $400m joint initiative to expand renewables generation in India.
Yes Bank, India’s fifth largest private sector bank, will manage the new programme, which aims to finance the construction of new wind farms and solar power plants across the country.
EIB will provide a 15-year $200m loan to the initiative, alongside financing from Yes Bank, other financial institutions and project developers.
The EIB loan was approved on 12 December and the financial details of the new initiative are expected to be finalised in the coming weeks.
The programme aims to streamline financing for a range of renewable energy projects being built and operated by Indian 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, EIB said.
EIB vice president Andrew McDowell said: “This new $400m initiative demonstrates the shared vision and commitment of both the European Investment Bank and Yes Bank to increasing renewable energy power generation across India.”