EIB and Yes Bank to provide US$400 million in financing for Indian renewables

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Eligible solar projects have already been identified in the states of Rajasthan, Telangana, Maharashtra and Karnataka. Credit: EIB

The European Investment Bank (EIB) and India-based private sector financier Yes Bank are supporting Indian solar and wind projects with a new US$400 million co-financing initiative.

EIB will provide a 15-year US$200 million loan, with the remainder of the financing coming from Yes Bank, project promoters and other financial institutions.

Details of the new initiative are expected to be finalised in the coming weeks, although the aim is to streamline project financing and an EIB release said that eligible solar projects have already been identified in the states of Rajasthan, Telangana, Maharashtra and Karnataka, with other solar and wind projects under examination.

“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, EIB vice president.

“With this transaction we remain well on track to achieve our commitment to finance 5,000MW of RE made at the first Re-Invest summit in Feb 2015 and is also synchronous with our COP 21 commitment of mobilizing US$5 billion for climate finance by 2020,” said Rana Kapoor, managing director and chief executive of Yes Bank.

Back in June, three major development banks joined Yes Bank by signing a charter to mobilize green investments in India.

Read Next

PV Tech Premium
March 4, 2021
An exclusive recording from our Solar Finance & Investment Europe event, featuring a panel discussion on the future of the solar industry.
February 24, 2021
Microinverter supplier to use proceeds to repurchase notes due 2024 and 2025 as well as other corporate purposes
February 15, 2021
Longroad Energy to acquire ~900MWdc of solar, with battery storage additions also to be considered.
February 11, 2021
Oil and gas major Shell has said it will spend between US$2 billion and US$3 billion on renewables and energy solutions annually to help it attain net zero status by 2050.
February 8, 2021
Major inverter manufacturer SMA Solar Technology has reported preliminary full-year 2020 financial results which met the low end of guidance but also reported a slight decline in fourth quarter sales coupled to plummeting gross margins.
PV Tech Premium
February 8, 2021
Europe’s solar financing market is evolving at rapid speed, driven by changing dynamics and aided by technological advancements at the asset level. Here PV Tech re-caps the five most significant takeaways from the conference’s opening days.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021