European Investment Bank providing €200 million for Indian large-scale solar

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Indian finance minister Jaitley inaugurates the new EIB Regional Representation for South Asia in New Delhi. Credit: EIB

The European Investment Bank (EIB) is to supply State Bank of India with a €200 million (US$214 million) 20-year loan to support utility-scale solar PV projects in India.

The loan backs up a total €650 million of investments in five projects. At present four projects with a total 530MW(AC) capacity have been identified for what is EIB’s largest ever support for solar in Asia. The states of Telangana and Tamil Nadu were cited as likely locations for projects, although other states are being considered. The investments will be part of India's National Solar Mission (NSM), its flagship scheme aiming to deploy 100GW of solar by 2022.

EIB has also opened its first permanent office in India in New Delhi.

B Sriram, managing director, State Bank of India, said: “The new cooperation between the State Bank of India and the European Investment Bank will scale up investment in large-scale solar power generation across India. Close cooperation between technical and financial teams from both institutions will ensure that world class projects are supported.”

An EIB delegation will also meet the managing directors of the India Renewable Energy Development Agency (IREDA) and India Infrastructure Finance Limited (IIFL) to discuss future support for renewable energy investment in India.

Last year EIB provided €19.6 billion for climate related investments globally.

Read Next

May 5, 2021
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.
April 30, 2021
Solar manufacturers that plan on setting up integrated, higher capacity plants in India will be given preference in the country’s new production-linked incentive (PLI) programme.
April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.
April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021