India gets $400m loan for renewable energy
December 21, 2017 – Plans to expand renewable energy across India have been given a boost by a new US$400m (£290m) joint initiative backed by the European Investment Bank and India’s Yes Bank.
Yes Bank will manage the new co-financing programme for construction of new solar power plants and wind farms across the country.
The 15-year US$200m EIB half of the loan was approved by the bank’s directors this month and details 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 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,” said Andrew McDowell, European Investment Bank vice president. “This new US$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.”