The International Solar Alliance (ISA) founding ceremony was held in New Delhi over the weekend, spearheaded by Indian prime minster Narendra Modi and French president Emmanuel Macron, with multiple development banks signing significant partnership agreements.
Indian Renewable Energy Development Agency Limited (IREDA) has signed an agreement with Rewa Ultra Mega Solar Limited (RUMSL) to finance two major solar parks in the state of Madhya Pradesh with a first loan of INR2.1 billion (US$33 million).
A subsidiary of Reliance Capital, part of major Indian conglomerate Reliance Group, has signed an agreement to obtain INR3 billion (US$46 million) in funding from the Indian Renewable Energy Development Agency (IREDA) for lending to renewables and energy efficiency projects.
The European Investment Bank (EIB) has entered a new partnership with the International Solar Alliance and confirmed plans to provide €800 million in financing for small-scale renewable energy project investment across India.
The Indian Renewable Energy Development Agency (IREDA), a state-run financier, has launched its first Green (Masala) Bond on the London Stock Exchange (LSE), raising US$300 million (INR19.5 billion) in the process.
The European Investment Bank (EIB) is to supply State Bank of India with a €200 million (US$214 million) 20-year loan to support €650 million of investments in five utility-scale solar PV projects in India.
The Indian government and three of its state-run companies are setting up a US$2 billion equity fund to help renewable energy companies meet the country's ambitious targets, according Reuters citing two government sources.