Yes Bank, India’s fifth largest private sector bank, has said it will mobilise US$1 billion of financing for solar projects in India up to 2023 and US$5 billion up to 2030.
The announcement was made at the International Solar Alliance (ISA) conference organised at World Future Energy Summit 2018 in Abu Dhabi. Upendra Tripathy, interim director general, ISA, also complimented Yes Bank for providing the first financing commitment for ISA solar projects.
The Bank has now also signed co-financing Letters of Intent (LoI) with several Indian firms for their solar projects in India – up to a certain capacity – to be completed by 2023:
- Hero Future Energy – 1.5 GW
- Greenko Group – 10 GW
- Amplus Solar – 1 GW
- Jakson Group – 1 GW
- Tata Power Delhi Distribution Limited – 10MW
This announcement comes on the back of the recent US$400 million co-finance agreement by Yes Bank and the European Investment Bank (EIB) for construction of new solar power plants and wind farms across the country.
Rana Kapoor, managing director and CEO of Yes Bank and chairman, Yes Global Institute, said: “India has taken a leadership position in climate financing and ISA is a decisive step in augmenting this further. Yes Bank is fully committed to support ISA objectives in sync with our leadership stature as India’s predominant ‘Green Bank’.”
Tripathy added: “I am confident that this will catalyse much larger financing commitments from global financing institutions. ISA is currently focused on its three programs on facilitating affordable finance for solar, scaling up solar applications for agriculture and promoting solar mini-grids in Member Nations and availability of affordable finance is key to its success.”
Tripathy has also claimed that more than 100 projects will be signed under the Alliance’s umbrella by April this year.